SplitJul 2, 2026, 04:38 PM
Snail Announces 1-for-5 Reverse Stock Split Amid Nasdaq Delisting Threat
AI Summary
Snail, Inc. announced a 1-for-5 reverse stock split for its Class A and Class B Common Stock, effective July 2, 2026, with split-adjusted trading beginning July 6, 2026. This action is intended to help the company regain compliance with Nasdaq's minimum bid price requirement. The company also received a delisting notice from Nasdaq on July 1, 2026, for failing to meet both the minimum bid price and continued listing standards. Snail plans to appeal this delisting determination.
Key Highlights
- Snail, Inc. will effect a 1-for-5 reverse stock split for Class A and Class B Common Stock.
- The reverse stock split becomes legally effective at 11:59 p.m. ET on July 2, 2026.
- Class A Common Stock will begin trading on a split-adjusted basis on July 6, 2026.
- Outstanding shares will reduce from approximately 15.47M Class A and 28.75M Class B to 3.09M Class A and 5.75M Class B.
- The reverse split aims to regain compliance with Nasdaq's minimum $1.00 bid price requirement.
- Nasdaq issued a delisting notice on July 1, 2026, due to non-compliance with minimum bid price and continued listing standards.
- Snail intends to appeal the delisting determination to the Nasdaq Hearings Panel.
- Fractional shares will be paid in cash based on the average closing sales price for the 10 days preceding the effective time.
Price Impact
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