←RETURN TO 2026 IPO RADAR DECK (135 OFFERINGS)COHORT STANDING: #131 of 135
Verified SEC Filing/Calendar Year 2026
NASDAQOther
$FBDT
CRATER (<-50%)
First Breach (Direct Listing)
OFFER PRICE$20.00
CURRENT PRICE
$2.04
CUMULATIVE RETURN
-89.80%
PRICING DATE: 8/20/2026SEC FILING SNAPSHOT
SECTION 01 // FORENSIC TEARDOWN
The Seagull Executive Verdict
SURVIVAL RATING: CRATER
WHAT THE BUSINESS DOES
First Breach (Direct Listing) sells products and services in the Other market. The company went public in 2026 to raise cash from public stock markets.
THE WALL STREET PITCH
Bankers told everyday buyers that First Breach (Direct Listing) would grow fast and dominate its market.
THE COLD REALITY
The stock fell 89.8% after the IPO. Public investors lost money while early insiders took cash.
SECTION 02 // CAPITAL ALLOCATION
Capital Formation & Float Scarcity
FLAG: TREASURY GROWTH
Gross Proceeds
$150.0M
Cash extracted from market
Post-Money Value
Undisclosed
Total company valuation
Public Float %
18.5%
Shares available to public
Secondary Share %
0%
Insider cash extraction
CAPITAL USE ANALYSIS
Standard primary capital raise for general working capital.
SECTION 03 // SUPPLY SHOCK AUDITOR
Insider Lock-Up Expiration
VC DUMP RISK: ELEVATED
Expiration Calendar Date
2027-02-16
99 DAYS REMAINING
Supply Shock Multiplier
N/A
Float expansion ratio upon unlock
Lockup Duration
180 Days
Contractual restriction window
SECTION 05 // COHORT BENCHMARK
Sector Peer & Cohort Telemetry
RANK: #131 of 135
2026 Cohort Standing
#131 of 135
Out of 135 total 2026 IPO offerings
Sector Median Return
-10.14%
Other sector midpoint
Sector Win Rate
42%
% of peer IPOs trading in profit
PERFORMANCE VS PEERS
First Breach (Direct Listing) is currently trading below the Other sector median of -10.14%. Across the entire 2026 calendar year cohort, only 42% of Other offerings have sustained a positive return above their initial offer price.