Bond.az -- Lunai Bioworks Inc. (NASDAQ:LNAI) shares fell 12.6% Wednesday after the company announced a 1-for-8 reverse stock split set to take effect on May 22, 2026.
The reverse split will combine every 8 shares of outstanding common stock into one share, reducing the total number of issued and outstanding shares from approximately 36.3 million to approximately 4.5 million. The stock will continue trading under the symbol "LNAI" on The Nasdaq Capital Market but will have a new CUSIP number, 29350E302.
The company said the reverse split is intended primarily to increase its stock price to regain compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share for continued listing. Lunai previously completed a 1-for-10 reverse stock split on September 30, 2025.
The Board of Directors approved the 1-for-8 ratio after stockholders authorized a reverse split at a ratio between 1-for-3 and 1-for-30 at a special meeting held on May 8, 2026. The reverse split will not change the par value of the common stock or the number of authorized shares.
No fractional shares will be issued, with any fractional shares automatically rounded up to the next whole share. Proportionate adjustments will be made to outstanding options, warrants, restricted stock units and other convertible securities.
Securities Transfer Corporation will serve as exchange agent for the reverse split. Stockholders holding shares electronically in book-entry form are not required to take any action.
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