Powerus $PUSA has fallen 46.9% since the merger closed, from $3.88 on September 30 to $2.06 at the October 16, 2026 close. The slide started on the first session, kept going through an $82 million order announcement, and ran alongside a broad sell-off in small-cap drone stocks. The tape shows two things happening at once. The share count is about six times what it was before the deal, and most of the sector lost 18% to 39% over the same 12 sessions.
If you came here from our October 1 piece on Powerus starting to trade as $PUSA, this is the follow-up with the figures. One caveat before the numbers. Until October 1 this listing was Aureus Greenway Holdings, a Florida golf-club company that traded as $AGH until it switched to the $PUSA symbol on May 15, 2026, and whose stock traded on merger expectations. The $3.88 starting point is an AGH price, not a stand-alone Powerus valuation.
The price path, session by session
October 1, the debut. $PUSA opened at $3.92, hit a low of $2.83 and closed at $3.20 on 3,644,393 shares. That low sat 27.8% below the open, and the close was 17.5% below AGH's last close.
October 5, the $82 million headline. Before the open, Powerus said in a Business Wire release that it had "received an order of $82 million for counter-unmanned aerial systems, placed under an existing U.S. government indefinite-delivery/indefinite-quantity (IDIQ) contract." The company called it "the second order placed under that contract" and said deliveries "are expected over the next several quarters." The release does not name the government customer, and it calls this an "order" under an IDIQ contract. It never uses the term purchase order. The Defense Post reported that the company "did not disclose the number or specific configuration of systems covered by the order." The stock opened at $3.28, peaked at $3.34 and closed at $2.90, down 8.2% on the day.
October 6, the same story on a second wire. A GlobeNewswire release carried the same $82 million figure and the same subhead about a "second order placed under an existing U.S. government contract." It reads as the October 5 order released again, not a second $82 million. $PUSA closed at $2.86.
October 13, the AUSA reveal. Powerus said it showed its Guardian-3, "the third generation of its Guardian counter-drone interceptor family," at the Association of the United States Army's annual meeting in Washington, held October 12 to 14. The release describes a product reveal and does not mention an order. The stock closed at $2.27, down 1.3%.
| Session (2026) | Close | Day change | Vs. Sep 30 | Event |
|---|---|---|---|---|
| Sep 30 (AGH) | $3.88 | n/a | n/a | Last AGH-era session |
| Oct 1 | $3.20 | -17.5% | -17.5% | Merger closes, PUSA debut |
| Oct 2 | $3.16 | -1.3% | -18.6% | Opening-bell release |
| Oct 5 | $2.90 | -8.2% | -25.3% | $82M IDIQ order (Business Wire) |
| Oct 6 | $2.86 | -1.4% | -26.3% | Same order (GlobeNewswire) |
| Oct 7 | $2.54 | -11.2% | -34.5% | No release |
| Oct 9 | $2.59 | +1.6% | -33.2% | No release |
| Oct 12 | $2.30 | -11.2% | -40.7% | No release |
| Oct 13 | $2.27 | -1.3% | -41.5% | Guardian-3 shown at AUSA |
| Oct 15 | $2.22 | +4.2% | -42.8% | No release |
| Oct 16 | $2.06 | -7.2% | -46.9% | Lowest close since the debut |
The pattern is plain. The headline days did not reverse the trend. The two worst sessions after the debut, October 7 and October 12, came with no company release in the feed at all.
Volume: three times the pre-merger pace
Across the 12 sessions from October 1 to October 16, $PUSA averaged 1,677,196 shares a day. Over the 12 sessions from September 15 to 30, the AGH-era average was 558,342. That works out to roughly 3.0 times the pre-merger pace.
In total, 20,126,346 shares changed hands in the first 12 sessions, or about 12.3% of the 163.8 million shares outstanding on October 1. Activity peaked at the debut and then cooled. Volume ran from 660,347 to 1,020,419 shares a day from October 12 to October 16, while the price kept grinding lower. Fading volume with a falling price reads as a slow repricing, not capitulation.
The sector backdrop: drone stocks sold off too
Over the same September 30 to October 16 window, the drone group lost ground while the broad market went nowhere.
| Ticker | Sep 30 close | Oct 16 close | Change |
|---|---|---|---|
| $PUSA | $3.88 (AGH) | $2.06 | -46.9% |
| $DPRO | $6.08 | $3.70 | -39.1% |
| $UMAC | $24.48 | $16.31 | -33.4% |
| $RCAT | $6.46 | $4.72 | -26.9% |
| $PDYN | $5.16 | $3.79 | -26.6% |
| $AIRO | $6.61 | $5.30 | -19.8% |
| $ONDS | $7.33 | $6.04 | -17.6% |
| $AVAV | $142.20 | $121.80 | -14.4% |
| $KTOS | $42.69 | $40.42 | -5.3% |
| $ITA (defense ETF) | $207.20 | $209.10 | +0.9% |
| S&P 500 | 7,651.54 | 7,659.44 | +0.1% |
| Nasdaq Composite | 26,861.06 | 26,140.03 | -2.7% |
The eight peers fell an average of 22.9% (simple average of the rows above). Most of the smaller names lost between 18% and 39%. The larger defense contractors held up better, and the defense ETF actually rose. So the drop in $PUSA is not only about Powerus. Small-cap drone stocks as a group had a rough two weeks.
Still, $PUSA fell further than every peer on the list and about twice the peer average. The sector explains part of the drop, not all of it.
Supply: the share count that changed overnight
On August 13, 2026, AGH had 26,943,582 shares outstanding, according to the cover of its Q2 2026 10-Q. At closing, the company issued approximately 134.6 million new shares to Legacy Powerus holders. It also issued about 21.8 million replacement options and 28.6 million replacement warrants, according to the October 1 8-K. Legacy Powerus holders ended up owning about 83% of the common stock.
- October 1: 163,838,861 shares outstanding immediately after closing, per the October 6 8-K. That is roughly 6.1 times AGH's August count.
- October 15: 168,838,861 shares outstanding, per the October 19 S-3. That is 5,000,000 more in two weeks. The filings reviewed here do not break out the source of that increase.
Now the market cap math, using the filed counts. At the October 16, 2026 close: 168,838,861 × $2.06 = about $347.8 million. At the October 1 close: 163,838,861 × $3.20 = about $524.3 million. Some quote pages still show a market cap under $100 million for $PUSA. At $2.06 that would imply only about 45 million shares, which is a stale count and not a filed one. Trust the filings.
The timing lines up with a holder base that grew about sixfold overnight, and most of those new holders received their shares in a merger rather than buying them on the market. Whether any particular holder sold is not disclosed.
What the filings say to watch
- The Q3 10-Q. The October 1 8-K says BDO, Legacy Powerus's auditor, takes over "following the Company's filing of its Form 10-Q for the quarter ended September 30, 2026." The same 8-K notes that AGH's Q2 10-Q reported material weaknesses in internal control.
- Lock-up tranches. According to the September 8 424B3 information statement, certain Legacy Powerus stockholders signed lock-up agreements, and the Lock-Up Shares "are released in three tranches, with 33.33% of the Lock-Up Shares released upon the Closing of the Merger, 90 days after Closing, and 180 days after Closing." Counting from October 1, that puts the next two releases at about December 30, 2026 and March 30, 2027. The same document says certain AGH holders signed leak-out agreements not to sell "under certain price points for one year after the signing" of the March 8, 2026 merger agreement. It also says AGH PIPE investors hold registration rights.
- The shelf. On October 19, after the last completed session, Powerus filed an S-3 covering a $250 million universal shelf and the resale of up to 7,409,209 shares. Our companion piece on what the Powerus orders are worth against revenue covers it in full.
More listing and merger coverage sits in our IPO section.
Bull/Bear Verdict
Bull Case: Much of the drop happened while every drone peer on the list was also falling. At the October 16, 2026 close the filed share count implies about $347.8 million in market value. Powerus also says it holds a second order under a U.S. government IDIQ, with deliveries expected over the next several quarters, and volume has cooled from the debut frenzy.
Bear Case: $PUSA fell 46.9% and lagged every peer. The share count is six times AGH's old base and grew another 5 million in two weeks. Lock-up tranches unlock around late December and late March. The $82 million headline did not stop the slide, and the customer remains unnamed.
FAQ
Why did PUSA stock drop after the merger?
The filings and the tape show three things at once. About 134.6 million new shares were issued at closing. Volume ran about three times the pre-merger pace. And small-cap drone peers fell 18% to 39% over the same window. The company has not attributed the move to any single cause.
Is PUSA the same stock as AGH?
Yes, same listing. Aureus Greenway Holdings changed its ticker from AGH to PUSA effective May 15, 2026, and renamed itself Powerus Corporation when the merger closed on October 1, 2026. Prices before that date are AGH trading on merger expectations.
What is Powerus's market cap?
Using the 168,838,861 shares outstanding as of October 15 (per the S-3) and the $2.06 close on October 16, 2026, it is about $347.8 million. Pages showing far less appear to be using an outdated share count.
When do the Powerus lock-ups end?
The 424B3 says one-third of the Lock-Up Shares were released at closing, one-third release 90 days after closing and one-third 180 days after closing. From October 1, that works out to about December 30, 2026 and March 30, 2027.