AIM ImmunoTech regains NYSE American compliance as 1-for-100 reverse stock split takes effect

AIM ImmunoTech Inc. (NYSE American: AIM) told the SEC on June 12, 2025 that the NYSE American had notified it on June 11 that it has regained compliance with the exchange's low selling price standard. The company reported the notice in a Form 8-K filed June 12, 2025 under Item 3.01. The notice says trading in the common stock is expected to resume on the NYSE American on June 17, 2025, under the ticker AIM. Thomas K. Equels, Chief Executive Officer, signed the report.

The regained compliance follows a 1-for-100 reverse stock split. The company filed an amendment to its articles of incorporation on June 10, 2025 to carry out the split, and the 8-K reports it under Item 5.03. The standard in question is Section 1003(f)(v) of the NYSE American Company Guide, which covers a low selling price.

How the split was approved

At a special meeting on April 30, 2025, stockholders authorized the board to effect a reverse split at its discretion, at a ratio of up to one for 100 outstanding shares. On May 29, 2025, the board authorized the split, subject to an event that occurred on June 10, 2025. The 8-K does not describe that event.

Two press releases were issued on June 11 and June 12, 2025 under Item 8.01. The June 11 release says the split takes effect at market open on June 12, 2025. It also says the stock will trade on the OTC Pink as AIMID for 20 trading days, including the effective date. The release states that one of the primary goals of the split is to raise the per-share market price so the company can regain compliance with the exchange's listing qualifications. Stockholders will receive cash in lieu of fractional shares, and the par value stays at $0.001. The new CUSIP number is 00901B303.

What the compliance does not cover

The 8-K covers only the low selling price test. The annual report for 2024 describes a separate NYSE American notice received on December 11, 2024. That notice concerned the exchange's requirement of stockholders' equity of $6.0 million or more. The report says the company submitted a plan to address that requirement. The 8-K does not say whether the equity test has been met, and nothing in the filing says it has.

The company's finances

AIM ImmunoTech describes itself in the 2024 annual report on Form 10-K as an immuno-pharma company headquartered in Ocala, Florida. Its flagship products are Ampligen (rintatolimod) and Alferon N Injection. The report says Ampligen has not been approved by the FDA or marketed in the United States, but it is approved for commercial sale in the Argentine Republic for the treatment of severe chronic fatigue syndrome.

The annual report's going-concern language is the more serious issue. Management concluded that the company has suffered losses from operations and net cash used in operating activities in 2024, and that it had a working capital deficit at December 31, 2024. The report says that the stockholders' equity below the exchange minimum adds to those doubts. Together, the conditions raise substantial doubt about the company's ability to continue as a going concern for at least one year.

The report names the main cause of the working capital deficit as an accounts payable balance of about $6,400,000. About $4,900,000 of that balance is legal fees related to litigation, and the company says it is negotiating with the law firm to reduce prior billings. Marketable securities also fell by about $9,093,000 from December 31, 2023.

What the filing leaves open

The split changes the share count, not the company's losses, its legal bills or its equity. The 8-K gives no figure for the stock price after the split and does not say whether the company has raised money to meet the equity standard. The June 17 reinstatement date is the company's own timetable, and the 8-K describes it as expected rather than certain.

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