aibioAdagio Medical receives Nasdaq notice on stockholders' equity
Tickers ADGM
The company reported stockholders' equity of negative $415,000 at June 30, 2026, below Nasdaq's $2,500,000 minimum, and must submit a compliance plan by September 28, 2026.
Key facts
- Company
- Adagio Medical Holdings, Inc. (NASDAQ: ADGM)
- News type
- Listings
- Primary source
- Adagio Medical Holdings, Inc. 8-K (2026-08-14)
Adagio Medical Holdings, Inc. (Nasdaq: ADGM) received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market on August 13, 2026. The letter said the company is not in compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Capital Market. The company disclosed the notice in a Form 8-K dated August 14, 2026, signed by Deborah Kaster, Chief Financial Officer and Chief Business Officer.
The requirement and the shortfall
Nasdaq Listing Rule 5550(b)(1) requires companies listed on the Nasdaq Capital Market to maintain stockholders' equity of at least $2,500,000. The company's Quarterly Report on Form 10-Q for the period ended June 30, 2026, reported stockholders' equity of $(415,000). The 8-K says the company also does not meet the alternative quantitative standards for continued listing. Those alternatives are a market value of listed securities of $35 million, or net income from continued operations of $500,000 in the most recently completed fiscal year or in two of the last three most recently completed fiscal years.
The filing says the notification has no immediate effect on the company's continued listing on the Nasdaq Capital Market, subject to compliance with the other continued listing requirements. The filing does not say that the notice changes the trading of the company's common stock.
The compliance plan
Under Nasdaq rules, the company has been given 45 calendar days, but no later than September 28, 2026, to submit a plan to regain compliance. If Nasdaq's staff accepts the plan, the staff may grant an extension of 180 calendar days from the date of the staff notification to regain compliance with the stockholders' equity requirement. If the staff does not accept the plan, it will say so in writing, and the company may appeal that decision to a Nasdaq Hearings Panel.
The company said it intends to submit the Compliance Plan on or before September 28, 2026. It also said it will monitor its stockholders' equity and evaluate further available options to regain compliance with the requirement.
Share count and background
The company's Form 10-K/A, filed July 13, 2026, reports 22,210,459 shares of common stock outstanding as of March 23, 2026. The amendment was filed only to replace the certifications in Exhibits 31.1 and 31.2 of the original annual report filed on March 27, 2026. The cover page reports an aggregate market value of $7.0 million held by non-affiliates as of June 30, 2025.
Financial position
The XBRL data in the company's filings show revenue of $0 for the year ended December 31, 2025, compared with $300,000 for 2023. Research and development expense was $10.6 million for 2025, down from $15.4 million for 2023. The net loss was $25.1 million for 2025, compared with $36.6 million for 2023, and cash from operations was negative $19.0 million for 2025.
The risks ahead
Adagio has to restore its stockholders' equity, which stood at $(415,000) against a $2,500,000 requirement, or persuade Nasdaq to accept a plan. The company says it will submit that plan on or before September 28, 2026, and the staff may grant up to 180 calendar days if it accepts. If the staff refuses, the company may appeal to a Nasdaq Hearings Panel. The company's own risk list names the need for more financing and the need for additional capital to continue to operate as a going concern. Its filings show a net loss of $25.1 million for 2025 and negative cash from operations of $19.0 million.