Rockwell Medical Approves 1-for-10 Reverse Split to Meet Nasdaq $1 Requirement
RMTI•Rockwell Medical’s board approved a 1-for-10 reverse stock split effective July 1, reducing roughly 39.5 million outstanding shares to about 3.95 million. The move aims to meet Nasdaq’s $1 minimum bid-price rule by the November 4, 2026 deadline after Rockwell Medical shares stayed below $1 since March.
1. Board Approval and Split Mechanics
The board approved a 1-for-10 reverse stock split at the June 12 annual meeting, set to take effect on July 1, consolidating every ten existing shares into one. This action will reduce the outstanding share count from roughly 39.5 million to about 3.95 million.
2. Nasdaq Compliance Requirement
Rockwell Medical received a Nasdaq deficiency notice after trading below the $1 minimum bid price for 30 consecutive business days, granting it until November 4, 2026 to regain compliance. The reverse split is designed to lift the per-share price above the required threshold for continued listing.
3. First-Quarter Sales and Cash Position
In the first quarter, net sales were $17.3 million, down 8% due to lower purchase volumes from one customer, while net loss widened from $1.5 million to $1.6 million. The company ended the quarter with $23.9 million in cash, cash equivalents and available-for-sale investments.
4. Share Performance and Outlook
Shares fell below $1 on March 25 and have not recovered, raising liquidity concerns and potential volatility around the split. Investors will monitor post-split price action and the firm’s ability to sustain a higher bid price.
