--- title: "Anebulo drops reverse split plan for $3.50-a-share self tender of up" url: "https://aibio.space/news/anebulo-drops-reverse-split-plan-3-50-share-self-tender-up-300-000/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-12-22" section: "Listings" tickers: "OTC:ANEB" source: "https://www.sec.gov/Archives/edgar/data/1815974/000149315225028676/ex99-1.htm" summary: "Anebulo's board dropped a planned reverse split and will instead tender for up to 300,000 shares at $3.50, to keep its holder count below 300 for a go-priv" --- By the aibio.space news desk. Sources - [Anebulo Pharmaceuticals Inc 8-K (2025-12-22)](https://www.sec.gov/Archives/edgar/data/1815974/000149315225028676/ex99-1.htm) - [Anebulo Pharmaceuticals Inc 10-K (2025-09-29): business](https://www.sec.gov/Archives/edgar/data/1815974/000149315225016015/form10-k.htm) - [Anebulo Pharmaceuticals Inc financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1815974/000149315225016015/) [ANEB](https://aibio.space/companies/anebulo-pharmaceuticals/) 2025-12-22 # Anebulo drops reverse split plan for $3.50-a-share self tender of up to 300,000 shares Tickers [ANEB](https://aibio.space/companies/anebulo-pharmaceuticals/) Anebulo's board dropped a planned reverse split and will instead tender for up to 300,000 shares at $3.50, to keep its holder count below 300 for a go-private plan, while its lead drug rests on a Phase 2 study in healthy volunteers. ## Key facts - **Company**: Anebulo Pharmaceuticals Inc (OTC: ANEB) - **News type**: Listings - **Primary source**: [Anebulo Pharmaceuticals Inc 8-K (2025-12-22)](https://www.sec.gov/Archives/edgar/data/1815974/000149315225028676/ex99-1.htm) *The Capitol in autumn. CC0, via rawpixel. The picture shows the field, not the companies named.* Anebulo Pharmaceuticals, Inc. (Nasdaq: [ANEB](https://aibio.space/companies/anebulo-pharmaceuticals/)) said in an 8-K filed December 22, 2025 that its board had decided to start a cash tender offer instead of the reverse stock split it announced earlier. That split was to be at a ratio of not less than 1-for-2,500 and not greater than 1-for-7,500. The company is pursuing the change as part of a plan to go private. The voluntary self tender covers up to 300,000 shares at $3.50 per share. The tender had not yet started. ## Why the split was dropped The board said the cost of the reverse split, which would pay $3.50 per share for fractional shares, now outweighs its benefits. The main cause, the company says, is a rise in the number of shares held in accounts with fewer than 2,500 shares. Those holdings grew mostly because holders who learned of the split began buying through multiple accounts, or dividing their existing holdings, to collect several fractional-share payments. The release says this sharply increased the expected cost of the transaction. Chief Executive Richie Cunningham said the expense of the split "exceeds the benefits it would generate for our remaining stockholders." He added that the company would not rule out a similar or alternative transaction later, if it becomes economically sensible. The tender is meant to keep the number of stockholders below 300, which the company says is necessary for the go-private transaction. The release does not say how many holders of record Anebulo has today, so the tender's reach toward that limit cannot be measured from the release. ## The drug and its evidence Anebulo describes itself as a clinical-stage pharmaceutical company developing treatments for cannabis-induced toxicity. Its lead candidate, selonabant, is intended to reverse the effects of THC. The annual report filed September 29, 2025 says there are no approved treatments for cannabis-induced toxicity. The company's main evidence is the Netherlands trial, a randomized, double-blind, placebo-controlled Phase 2 study of oral selonabant in healthy adults challenged with THC. The annual report says results for Parts A and B, in a total of 134 subjects, were announced on March 28, 2023. An open-label extension, Part C, added 20 subjects and was completed in August 2023. The trial enrolled healthy volunteers, not patients who had taken cannabis. The company met the FDA in July 2023 about a Phase 3 path. According to the report, the FDA said a single well-controlled study in patients presenting to the emergency department, combined with a larger THC challenge study in volunteers, could potentially support a new drug application. Anebulo has not started that study. Instead it has chosen to prioritize an intravenous formulation of selonabant for children with unintentional cannabis poisoning. The report says the company met the FDA in December 2024 about a pre-IND plan for that formulation, and started a single ascending dose study of IV selonabant in healthy adults in the third quarter of calendar 2025. The company has therefore moved away from the adult Phase 3 program it had described. The release does not describe funding for the adult oral path, and it gives no safety or efficacy results for the IV program. ## The money The annual report for the fiscal year ended June 30, 2025 shows research and development expense of $4.3 million, up from $3.5 million in fiscal 2024. The net loss was $8.5 million in fiscal 2025, against $8.2 million a year earlier. Cash used in operations was $6.3 million in fiscal 2025 and $8.1 million in fiscal 2024. At June 30, 2024 the company held $3.1 million in cash and cash equivalents. The release does not describe the company's cash balance at the time of the announcement. The release does not say how the company would fund the tender or how much cash it would use. ## What comes next The next step is the tender itself, which the company has not yet launched. Broadridge Corporate Issuer Solutions, LLC is named as information agent. Its Schedule TO and offer to purchase will set the final terms, the expiry date and the proration if more than 300,000 shares are offered. The board has also kept open the option of a reverse split or other transaction later. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story ANEB Anebulo Pharmaceuticals Inc OTC ยท United States Open the starter desk ## More in Listings Listings ### [Propanc Biopharma faces Nasdaq delisting on bid price, plans to appeal](https://aibio.space/news/propanc-biopharma-faces-nasdaq-delisting-bid-price-plans-appeal/) Oct 29, 2026 Listings ### [Reviva asks stockholders to approve reverse split of up to 1-for-100](https://aibio.space/news/reviva-asks-stockholders-approve-reverse-split-up-1-100/) Oct 29, 2026 Listings ### [Nasdaq to delist Glucotrack shares after bid price exception ends](https://aibio.space/news/nasdaq-delist-glucotrack-shares-after-bid-price-exception-ends/) Oct 28, 2026 --- Source page: https://aibio.space/news/anebulo-drops-reverse-split-plan-3-50-share-self-tender-up-300-000/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Anebulo drops reverse split plan for $3.50-a-share self tender of up", 2025-12-22, https://aibio.space/news/anebulo-drops-reverse-split-plan-3-50-share-self-tender-up-300-000/