Lunai Bioworks Approves 1-for-8 Reverse Split to Restore $1 Nasdaq Minimum
Lunai Bioworks will effect a 1-for-8 reverse stock split at 12:01 a.m. ET on May 22, 2026 to regain compliance with Nasdaq’s $1.00 minimum bid rule. The consolidation will reduce issued and outstanding shares from about 36.27 million to roughly 4.53 million and adjust all existing equity awards proportionally.
1. Approval and Effective Date
At a May 8 special meeting, shareholders approved a proposal empowering the board to amend the charter for a reverse split between 1-for-3 and 1-for-30, with the board later fixing a final 1-for-8 ratio. The 1-for-8 split will take effect at 12:01 a.m. ET on May 22, 2026, and trading will begin on a split-adjusted basis under the existing trading symbol.
2. Share Count Reduction
The split will consolidate every eight issued shares into one, reducing outstanding shares from about 36.27 million to roughly 4.53 million and changing the CUSIP to 29350E302. Par value and authorized share count remain unchanged, and any fractional shares will be rounded up to the next whole share at the stockholder or DTC participant level.
3. Compliance Rationale and Equity Adjustments
This action aims to restore compliance with Nasdaq Listing Rule 5550(a)(2), which mandates a minimum bid price of $1.00 for continued listing. All outstanding options, warrants, restricted stock units and other convertible securities will be proportionately adjusted in share quantity and exercise or conversion price, ensuring consistency across equity compensation plans.