Biodexa Implements 1-for-5 Reverse ADR Split to Comply with Nasdaq $1 Rule
Biodexa Pharmaceuticals will implement a one-for-five reverse split of its ADRs, changing the ratio from 1 ADR per 100,000 ordinary shares to 1 ADR per 500,000 ordinary shares effective around April 6, 2026. The split aims to meet Nasdaq’s $1 minimum bid requirement, with fractions sold and proceeds distributed.
1. Details of ADR Ratio Change
Effective on or about April 6, 2026, Biodexa will change its ADR ratio from one ADR representing 100,000 ordinary shares to one ADR representing 500,000 ordinary shares. ADR holders must surrender five old ADRs (CUSIP 59564R880) for one new ADR (CUSIP 59564R872), with no fractional ADRs issued.
2. Purpose and Listing Compliance
The reverse split is designed to bring the ADR price above Nasdaq’s $1.00 minimum bid requirement. While the company aims to maintain listing standards, it provides no assurance that the split will achieve sustained compliance or impact trading volume and market demand.
3. Impact on ADR Holders
JP Morgan Chase Bank, N.A., as depositary, will contact holders to facilitate the exchange process. Any aggregate fractional interests will be sold, and net proceeds distributed to entitled holders, ensuring a smooth transition without changes to underlying ordinary shares.