--- title: "Biodexa to change ADR ratio to 500,000 shares" url: "https://aibio.space/news/biodexa-change-adr-ratio-500-000-shares-one-five-reverse-adr-split/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-03-18" section: "Listings" tickers: "NASDAQ:BDRX" source: "https://www.sec.gov/Archives/edgar/data/1643918/000121465926003454/ex99_1.htm" summary: "The change, aimed at Nasdaq's $1.00 minimum bid price, is expected on or about April 6, 2026. Holders must exchange five old ADRs for one new one, and the" --- By the aibio.space news desk. Sources - [Biodexa Pharmaceuticals plc 6-K (2026-03-18)](https://www.sec.gov/Archives/edgar/data/1643918/000121465926003454/ex99_1.htm) - [Biodexa Pharmaceuticals plc 20-F (2025-04-11): business](https://www.sec.gov/Archives/edgar/data/1643918/000121465925005742/bp4225120f.htm) [BDRX](https://aibio.space/companies/biodexa-pharmaceuticals/) 2026-03-18 # Biodexa to change ADR ratio to 500,000 shares, a one-for-five reverse ADR split Tickers [BDRX](https://aibio.space/companies/biodexa-pharmaceuticals/) The change, aimed at Nasdaq's $1.00 minimum bid price, is expected on or about April 6, 2026. Holders must exchange five old ADRs for one new one, and the company says it cannot guarantee the change will work. ## Key facts - **Company**: Biodexa Pharmaceuticals plc (NASDAQ: BDRX) - **News type**: Listings - **Primary source**: [Biodexa Pharmaceuticals plc 6-K (2026-03-18)](https://www.sec.gov/Archives/edgar/data/1643918/000121465926003454/ex99_1.htm) *An aerial view of the Capitol and its grounds. CC0, via rawpixel. The picture shows the field, not the companies named.* Biodexa Pharmaceuticals PLC said on March 18, 2026 that it is changing the ratio of its American Depositary Receipts, or ADRs. Each ADR now represents 100,000 ordinary shares. After the change, each ADR will represent 500,000 ordinary shares. The effective date is expected to be on or about April 6, 2026. The company's ADRs trade on Nasdaq under the symbol BDRX. ## What holders must do The exchange is mandatory. ADR holders must surrender their existing ADRs for cancellation and exchange, and will receive one new ADR for every five old ones. The new ADRs carry CUSIP 59564R872, in place of the old CUSIP 59564R880. No fractional ADRs will be issued. Any fractions will be sold, and the net proceeds distributed to the holders entitled to them. The depositary, JP Morgan Chase Bank, N.A., will contact holders and arrange the exchange. For ADR holders, the change has the same effect as a one-for-five reverse ADR split. The company's ordinary shares are not affected, so the number of ordinary shares outstanding does not change. ## The stated reason The company says the change is aimed at bringing the price of its ADRs into compliance with Nasdaq's $1.00 minimum bid price per share requirement. It adds that it can give no assurance the change will achieve that goal. The release does not give the ADRs' recent trading price. It does not say how long the price has been below $1.00, or whether Nasdaq has sent the company a deficiency notice. Those facts would show how far the price sits from the $1.00 threshold. ## The company and its pipeline Biodexa describes itself as a clinical stage biopharmaceutical company developing innovative products for diseases with unmet medical needs. The annual report filed in April 2025 lists familial adenomatous polyposis, non-muscle invasive bladder cancer, type 1 diabetes and rare or orphan brain cancers among its focus areas. The report says that in April 2024 the company licensed eRapa, a rapamycin formulation, from Emtora Biosciences. It describes an ongoing Phase 2 study of eRapa in non-muscle invasive bladder cancer that was scheduled to report results in mid-2025. The same report says the company is initiating a Phase 2a dose confirming study of tolimidone for type 1 diabetes. It also says that MTX110, a liquid formulation of panobinostat for brain cancers, is in an ongoing Phase 1 study in recurrent glioblastoma, and that two Phase 1 studies in diffuse midline glioma have been completed. The report describes the company's clinical assets as supported by three drug delivery technologies. Those are Q-Sphera, MidaSolve and MidaCore. The release does not link the ADR change to any of these programs, and it does not report new clinical results. The annual report says shareholders approved a change of name to Biodexa Pharmaceuticals PLC at a general meeting on March 24, 2023, along with the cancellation of the ordinary shares' admission to trading on AIM, effective April 26, 2023. Its principal office is at 1 Caspian Point in Cardiff. Its agent for service in the United States is Donald J. Puglisi of Puglisi and Associates in Newark, Delaware. ## Where the change leaves holders The release is short. It describes the mechanics of the exchange, the new CUSIP and the handling of fractions, but it does not say what the company would do if the ADR price stayed below $1.00 after the change. The depositary's role is to contact holders and carry out the exchange. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story BDRX Biodexa Pharmaceuticals plc NASDAQ ยท United Kingdom 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/biodexa-change-adr-ratio-500-000-shares-one-five-reverse-adr-split/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Biodexa to change ADR ratio to 500,000 shares", 2026-03-18, https://aibio.space/news/biodexa-change-adr-ratio-500-000-shares-one-five-reverse-adr-split/