Key Highlights

  • Shares were down 15.04% to USD 0.745 in pre-market trading on November 3, 2026.
  • A filing dated November 2, 2026 set conversion of Class C Preferred Shares at 23% of market price.
  • The conversions would deliver 10,961,680 Class A shares in total.
  • The company will also issue 1,500 additional Class C preferred shares as an inducement.
  • The prior close on November 2, 2026 was about USD 0.88, according to a market data page.

What moved GMEX shares before the open (down USD 0.1319, 15.04%)

GMEX Robotics (NASDAQ:GMEX) was down 15.04% to USD 0.745 in pre-market trading on November 3, 2026.

The likely driver is a regulatory filing dated November 2, 2026 that described a preferred share conversion inducement agreement. The filing points to a sizeable increase in the number of shares that could reach the market.

The conversion agreement in detail

Under the agreement, 2,142 Class C preferred shares may convert early into Class A shares at a price equal to 23% of the closing Market Price on the trading day before conversion. That is a discount of about 77%, calculated from the stated terms. Holders would receive 10,961,680 Class A shares in total.

As an inducement, the company will issue 1,500 further Class C preferred shares for no cash payment. The preferred shares were issued as part of the price for acquiring a 30% stake in Alpha Meta AI Pte. Ltd. under a share purchase agreement dated July 28, 2026. The filing says resulting shares will carry transfer restrictions and lock-ups, and that the company must meet Nasdaq requirements, including any Shareholder approval.

Business background and recent updates

GMEX Robotics, formerly Fitell Corporation, is a British Virgin Islands company with operations in Australia. It still earns substantially all of its Revenue from an online fitness equipment retailer, while moving toward AI-powered robotics after launching a cooking robotics platform in December 2025 and rebranding in March 2026.

The company also reported results for the fiscal year ended June 30, 2026 on November 2, 2026, with a headline pointing to double digit growth in second-half revenue.

Share structure and risks

The company carried out one-for-nine share consolidations on July 2, 2026 and September 28, 2026. Its Annual Report put Class A shares outstanding at 361,361 as of June 30, 2026, adjusted for those consolidations. Against that base, a 10,961,680 share issuance is very large, though the share count at the conversion date was not available.

Repeated consolidations, discounted conversions and a sub-dollar price are classic dilution signals. As a penny stock, GMEX can be highly volatile and thinly traded, and further issuance could pressure the price.

What to watch next

Investors will look for the conversion closing date, the final number of shares issued and any Nasdaq shareholder approval requirement. The annual report details on cash, losses and funding needs will also matter.