Key Highlights

  • DarkIris fell 98.42% over the past month to $2.00 as of October 23, 2026, after a $6 million offering and a 1-for-50 consolidation on October 22.
  • Wellchange fell 95.74% to $0.3283 after a $7.5 million offering at $0.15 and a 1-for-5 reverse split.
  • SMX completed eight reverse splits between January 2025 and June 1, 2026.
  • OpenWorld's $1 billion non-binding term sheet is about 39 times its roughly $25.5 million market value (calculated).
  • The sector group fell 2.69%, so the five lagged it by 78.21 to 95.73 points (calculated).

Which Technology Services Penny Stocks Fell the Most Over the Past Month?

As screened on Friday, October 23, 2026, the five biggest one-month laggards in Technology Services fell between 80.90% and 98.42%, and all five are penny stocks, against a 2.69% decline for the sector group. DarkIris (NASDAQ:DKI) fell 98.42% to $2.00 after a $6 million offering and a 1-for-50 consolidation. Wellchange (NASDAQ:WCT) fell 95.74% to $0.3283 after a $7.5 million offering and a 1-for-5 reverse split. SMX (Security Matters) (NASDAQ:SMX) fell 81.49% to $1.76 amid reverse splits and an equity line. OpenWorld (NASDAQ:OPNW) fell 81.37% to $1.90 after a business combination and non-binding tokenization term sheets. TruGolf (NASDAQ:TRUG) fell 80.90% to $0.83 after a 1-for-10 reverse split.

Share-count changes are the common thread. Three of the five completed a reverse split inside the past month, and the filings tie the declines to financing and share-structure events rather than operating results. The sector group is still up 15.46% over three months, so the moves are company-specific.

DarkIris: What Did the $6 Million Offering and 1-for-50 Consolidation Change?

DarkIris, a Hong Kong-based company focused on AI-driven digital media and content production, priced a best-efforts offering on October 8 of 4,166,666 units at $1.44 for gross proceeds of about $6 million. Each unit included a warrant exercisable at $2.04, with a zero-cash option worth about 12 shares per warrant, implying up to roughly 50 million shares (calculated).

Shareholders approved a two-step reverse split of up to 2,500-to-1 on October 6, and the 1-for-50 first step took effect on October 22. The shares fell 11.11% on the day and 33.77% over the week. The second step applies only if the Class A price stays below $1.00, and the company had already completed a 1-for-16 reverse split on May 11, 2026.

Wellchange: How Did the $0.15 Offering and Two Reverse Splits Reshape the Share Count?

Wellchange, a Hong Kong-based enterprise software provider, priced a public offering of 50 million Class A shares at $0.15 on August 28 for gross proceeds of about $7.5 million. A 1-for-5 reverse split followed on September 8, cutting Class A shares from about 52.9 million to about 10.6 million, after a 1-for-50 split on March 6.

The $0.15 offering price equals $0.75 on a split-adjusted basis (calculated), so the $0.3283 price is well below it. No announcement attributes the decline to a single event, and the shares fell 14.06% over the week.

SMX (Security Matters): Can an Equity Line Keep Funding the Losses?

SMX develops molecular marking and tracing technology that verifies the origin and recycled content of materials such as gold, plastics and textiles. Its standby equity purchase agreement was raised from $100 million to $250 million on February 5, 2026, and about $50.5 million had been drawn net by June 30.

The first-half net loss widened to $45.45 million from $24.62 million, while cash stood at $33.54 million on June 30. Eight reverse splits were completed between January 2025 and June 1, 2026. The shares fell 53.32% over the week, and the filings do not tie that drop to a specific event. Total equity rose to $54.35 million from $19.33 million at year end.

OpenWorld: What Do the Non-Binding Term Sheets Actually Commit?

OpenWorld completed its business combination with VerifyMe on October 1 and began trading as OPNW. It builds infrastructure that converts business and physical-asset cash flows into blockchain-based financial products for institutional investors.

Non-binding term sheets on October 7 (up to $130 million) and October 15 (up to $1 billion) cover tokenized financing, and a definitive merger agreement to acquire Blocksight was signed on October 18. The $1 billion program is about 39 times the roughly $25.5 million market value (calculated). The shares rose 4.97% on the day but fell 35.59% over the week, and it was down 65.70% year to date as of October 23.

TruGolf: What Happened After the 1-for-10 Reverse Split?

TruGolf, founded in 1983, makes indoor golf products including simulator hardware, the Links video game and the E6 CONNECT e-sports platform. A 1-for-10 reverse split of Class A common stock took effect on September 29, cutting Class A shares outstanding from about 12.44 million to about 1.24 million.

The shares fell 5.69% on the day and 38.06% over the week, and the screen figures imply a price near $1.34 a week ago and $4.35 a month ago (calculated). No earnings, financing or contract announcement explains the decline, and with about 1.24 million Class A shares outstanding, modest volume can move the price sharply.

Technology Services Laggards Compared: How Deep Are the Losses and Share-Count Changes?

Against the sector group's 2.69% decline, the one-month gaps (calculated) are 95.73 points for DarkIris, 93.05 for Wellchange, 78.80 for SMX, 78.68 for OpenWorld and 78.21 for TruGolf. The spread between the first and fifth names is 17.52 points (calculated).

Reverse splits compound. DarkIris combined a 1-for-16 split on May 11 with the 1-for-50 step on October 22 for 800-to-1, and Wellchange combined 1-for-50 and 1-for-5 for 250-to-1 (both calculated). Over the week, when the sector group fell 5.07%, SMX's 53.32% decline was 48.25 points worse and Wellchange's 14.06% was 8.99 points worse (calculated).

What to Watch Next: DarkIris's $1.00 Threshold, the Blocksight Closing and Nasdaq Bid Notices

No fixed report dates appear for these five, so the watch items are event-driven. DarkIris needs its Class A price to hold above $1.00 after the October 22 consolidation to avoid the second 50-to-1 stage, and warrant exercises will show how many shares are added. OpenWorld's Blocksight deal remains subject to closing conditions and has not closed. TruGolf and Wellchange trade below $1.00, and Nasdaq can issue a deficiency notice once the minimum bid requirement goes unmet for 30 consecutive business days. SMX's draws on its equity line, and its cash relative to its loss rate, are the other markers.