aibioLiminatus Pharma sets 1-for-50 reverse stock split to meet Nasdaq minimum bid price requirement
Tickers LIMN
Liminatus will cut its shares 50 to 1 at the close of trading on August 20, 2026. The Nasdaq Panel now requires a $1.00 closing bid for ten consecutive trading days by September 3, after notices on market value and bid price.
Key facts
- Company
- Liminatus Pharma, Inc. (NASDAQ: LIMN)
- News type
- Listings
- Primary source
- Liminatus Pharma, Inc. Form 8-K filed August 18, 2026 (SEC EDGAR)
Liminatus Pharma, Inc. (Nasdaq: LIMN) approved a 1-for-50 reverse stock split on August 3, 2026, after stockholders at the 2026 annual meeting that day authorized a split of up to that ratio. The company announced the split on August 18, and the Form 8-K filed that day says it expects the split to take effect at the close of trading on August 20, 2026. The board can delay or abandon it. Trading on a split-adjusted basis is expected to begin at the market open on August 21, under the existing symbol and a new CUSIP number, 53271X 207.
How the company got here
On November 19, 2025, Nasdaq told Liminatus that it did not meet two continued listing requirements of the Nasdaq Global Market. One is a minimum market value of listed securities of $50,000,000. The other is a minimum market value of publicly held shares of $15,000,000. The company had until May 18, 2026 to regain compliance.
On January 15, 2026, Nasdaq sent another notice, about the $1 minimum bid price over 30 consecutive business days, with a deadline of July 14, 2026. On May 20, 2026, Nasdaq said the company had not regained compliance with the market value rules. The company requested a hearing before the Nasdaq Hearings Panel on May 26, which stayed any suspension or delisting.
At the Panel hearing on June 30, 2026, the company asked for a phase-down to the Nasdaq Capital Market with an exception to show compliance. On July 20, 2026, Nasdaq said the company had not met the bid price rule and was not eligible for a second 180-day period.
The Panel's conditions
On July 31, 2026, the Panel moved the company to the Nasdaq Capital Market effective August 4 and granted an exception. The conditions are that Liminatus file a transfer application by August 7, 2026, which the 8-K says it did on August 4, and that it show a closing bid price of at least $1.00 for ten consecutive trading days by August 28, 2026. The reverse split is the step meant to meet that bid price test. On August 12, 2026, the Panel gave a brief extension, to September 3, 2026, to show that compliance. It also told the company that, as part of the move to the Capital Market, it had regained compliance with the stockholders' equity rule, which satisfies the alternative to the MVLS requirement, and with the MVPHS requirement.
The press release says that, if the split had been in effect on July 2, 2026, the 67,160,362 outstanding shares would have fallen to about 1,343,208. Each stockholder's proportionate ownership and voting power would stay the same, apart from rounding. Fractional shares are rounded up to the nearest whole share, and no cash is paid for them. Options, warrants and other convertible securities will be adjusted in the same proportion. The split does not change the par value of $0.0001 or the number of authorized shares.
The business and the money
Liminatus describes itself as a biotechnology company developing immune-modulating cancer therapies. The press release names its lead candidate as IBA101, a humanized anti-CD47 monoclonal antibody. It also lists dual-target CAR-T therapies, a solid tumor CAR-T therapy and a CS1 antibody platform acquired through its acquisition of InnocsAI. The release gives no clinical data.
The annual report filed March 31, 2026 shows a net loss of $10.2 million for 2025, against $3.5 million for 2024. Cash used in operations was $10.0 million in 2025, against $1.5 million in 2024. Research and development expense was $2.7 million in 2024. The 8-K and press release give no year-end 2025 cash figure.
What the split does and does not fix
The split addresses the bid price rule. The Panel says the equity and market value of publicly held shares rules are now met. The company expects the split to restore bid price compliance but gives no assurance. Split-adjusted trading is expected to begin August 21, so the stock would have to close at $1.00 or higher on every session from August 21 through September 3.
Headquartered in Fullerton, California, Liminatus is a Delaware corporation. Its warrants trade on Nasdaq under LIMNW.