Nasdaq-listed Farmmi Inc. (FAMI), a Cayman Islands-held Chinese dried edible fungi and logistics micro-cap with about 15 employees, surged as much as 350% in the September 2, 2026 session without an earnings release, contract, or filed corporate catalyst after attention around the JINQIAN memecoin spilled into the cash equity. The stock traded from a prior close of $0.1187 to an intraday high of $0.50 within a day range of roughly $0.105 to $0.50, then faded to about $0.15–$0.18, with session turnover of roughly 833 million to 873 million shares against only about 37.43 million Class A ordinary shares outstanding. Onchain analytics firm Nansen said degens found “Jinqian” in Farmmi’s Form 20-F Shiitake product language, launched the meme against an independently deployed onchain FAMI token that mimicked the listed share count, and that the attention transferred into the real stock; the firm stressed the token was not an official Robinhood Crypto stock token and has no mint-and-redeem link to Farmmi equity. JINQIAN’s implied fully diluted valuation peaked near $63 million on DexScreener—several times Farmmi’s pre-spike capitalization—before falling to about $2.8 million, while earlier Lookonchain tracking showed an early trader turning about $19,000 into roughly $198,000 before the coin crashed more than 90% from peak. Farmmi remains under a Nasdaq minimum bid-price deficiency with a compliance window until February 8, 2027, after Class A shares closed below $1.00 for 30 consecutive business days, and Wednesday’s $0.50 high did not restore compliance.