DelistingMay 11, 2026, 05:36 PM
Lunai Bioworks receives additional Nasdaq delisting notice
AI Summary
Lunai Bioworks Inc. received an additional staff determination letter from Nasdaq on April 28, 2026, notifying the company of non-compliance with the $35,000,000 market value of listed securities (MVLS) requirement, which may serve as another basis for delisting. This follows the expiration of the MVLS grace period on April 27, 2026. The company is actively working to regain compliance with Nasdaq's listing rules, having completed a merger on May 1, 2026, to address the Equity Rule and secured stockholder approval for a reverse stock split to meet the Bid Price Rule.
Key Highlights
- Lunai Bioworks received an additional Nasdaq staff determination letter on April 28, 2026, for non-compliance with the $35,000,000 market value of listed securities (MVLS) rule.
- The MVLS grace period expired on April 27, 2026, making this an additional basis for delisting.
- The Nasdaq Hearings Panel previously granted an exception until May 1, 2026, for Equity Rule compliance and June 1, 2026, for Bid Price Rule compliance.
- On May 1, 2026, the company completed a merger, issuing $20,000,000 in Series B Preferred Stock to support Equity Rule compliance.
- Stockholders approved a reverse stock split (1-for-3 to 1-for-30) on May 8, 2026, to meet the Bid Price Rule.
- The company requested a short extension from the Panel for Bid Price Rule compliance due to a delay in the special meeting.