aibioCan-Fite details 1-for-3,000 reverse split and ADS ratio change in 6-K
Tickers CANF
A September 2026 report sets out a 1-for-3,000 reverse split of Can-Fite's ordinary shares in January 2026, and a change that cut each ADS from 300 ordinary shares to two. The company also lists the risk of failing NYSE American continued listing standards.
Key facts
- Company
- Can-Fite BioPharma Ltd. (TASE: CANF)
- News type
- Listings
- Primary source
- Can-Fite BioPharma Ltd. 6-K (2026-09-08)
The two January changes
Can-Fite BioPharma Ltd. (NYSE American and TASE: CANF) filed a Form 6-K on September 8, 2026 with an operating and financial review as of June 30, 2026. The review says that on January 2, 2026 the company effected a 1-for-3,000 reverse split of its ordinary shares with the Tel-Aviv Stock Exchange. The consolidated shares began trading there on January 5, 2026.
On the same day, January 5, 2026, the company changed the ratio of its American Depositary Shares (ADSs) to ordinary shares. One ADS had represented 300 ordinary shares, and now represents two. The review says the change had the same effect for ADS holders as a one-for-twenty reverse ADS split. All ADS, option and warrant information has been adjusted to the smaller number of ADSs and the higher ADS price, and fractional ADSs were rounded to the nearest whole number.
The review does not give the reasons for either change.
Cash and the going-concern test
The review says the company had about $7.0 million of cash, cash equivalents and short-term bank deposits at June 30, 2026, and that a substantial part of it is designated for payments on patients in ongoing trials. Net cash used in operating activities was $5.31 million for the six months ended June 30, 2026, against $4.75 million for the same period in 2025, an increase of $0.56 million that the company attributes to accelerating expenses on namodenoson and piclidenoson. Net cash provided by financing activities was $3.77 million, from issuing share capital and warrants. Revenue was $0.20 million in each six-month period, from advance payments under out-licensing agreements with Cipher, CKD Gebro and Ewopharma.
Research and development expense for the six months was $3.45 million, up $0.42 million from $3.03 million. It covered Phase 3 studies of piclidenoson and namodenoson and a Phase 2b study in MASH. General and administrative expense fell to $1.42 million from $2.07 million.
The company's annual report on Form 20-F for 2025 showed year-end cash and cash equivalents of $5.5 million and a net loss of $9.8 million for the year. The 6-K sets out the going-concern test under ASC 205-40. The company says it believes its existing financial resources will fund projected cash requirements at least through the next twelve months, but that it will need significant additional financing, which may not be available on acceptable terms, if at all.
The September warrant inducement
The review also reports that on September 2, 2026 the company entered into an inducement letter with a holder of warrants for up to 1,591,738 ADSs, issued on March 5, 2026 at $5.00 per ADS. The holder agreed to exercise them for cash at a reduced price of $2.50 per ADS, and in return the company agreed to issue new warrants for up to 3,183,476 ADSs at $2.50 per ADS. The new warrants run until the second anniversary of the effective date of a resale registration statement the company must file.
H.C. Wainwright & Co., LLC is the exclusive placement agent. The company also agreed to issue Wainwright or its designees warrants for up to 111,422 ADSs, representing 7.0% of the existing warrants exercised, at $3.125 per ADS. The transaction closed on September 3, 2026. The review gives no gross proceeds and names no counsel.
NYSE American and the listing risk
The review lists among its risk factors "risks related to not satisfying the continued listing requirements of NYSE American." Its forward-looking statements also name maintaining minimum shareholders' equity requirements and complying with other continued listing standards. The 20-F refers to regaining and maintaining those equity requirements, which points to a shortfall at some earlier point, but neither filing gives the figures. It does not say whether the company has received an NYSE American notice.
What the filing leaves open
The 6-K does not connect the January changes to the company's listing position or its cash plans. Its cash balance of about $7.0 million at June 30, 2026 sits against operating cash use of $5.31 million in a six-month period.