Onconetix Announces 1-for-10 Reverse Split, Shares Jump 23.65% after Proclarix Trial Launch
ONCO•Onconetix will implement a 1-for-10 reverse split on May 21, cutting shares outstanding from about 11.4 million to 1.14 million to comply with Nasdaq’s $1 minimum bid requirement. Shares then surged 23.65% after hours to $0.38 following new peer-reviewed publications and launch of a U.S. Proclarix validation trial with Labcorp.
1. Reverse Split Details
Onconetix’s board approved a 1-for-10 reverse stock split effective May 21, 2026. At the split’s effective time, every 10 existing shares will convert into one share, with fractional interests canceled and cashed out based on the pre-split closing price.
2. Nasdaq Listing Compliance
The reverse split reduces the float from approximately 11.4 million to 1.14 million shares, ensuring the company meets Nasdaq’s minimum $1 bid price requirement for continued listing under the symbol ONCO. The new CUSIP will be 68237Q401.
3. Clinical Validation and Market Reaction
Onconetix released peer-reviewed Proclarix data and initiated a U.S. validation trial with Labcorp, driving a 23.65% after-hours share jump to $0.38. The test targets prostate cancer detection and builds on European IVDR approval.
