Lunai Bioworks receives Nasdaq delisting determination over minimum bid price, requests hearing

Lunai Bioworks, Inc. (Nasdaq: LNAI), a Delaware corporation based in Sacramento, California, received a written determination from Nasdaq staff on February 6, 2026 that it will delist the company's common stock from The Nasdaq Capital Market. The company disclosed the decision in a Form 8-K dated February 6, 2026 and signed by Chief Executive Officer David Weinstein on February 12, 2026. The 8-K says the company filed it to publicly disclose receipt of the staff determination under Nasdaq Listing Rule 5810(b).

Why there is no cure period

The notice says Lunai is not in compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share. The closing bid price was below $1.00 for 30 consecutive business days, from December 23, 2025 through February 5, 2026.

Companies usually get 180 calendar days to regain compliance. Lunai does not, because it effected a reverse stock split within the prior year. The 8-K names the split: a 1-for-10 reverse split on September 30, 2025, which falls under Nasdaq Listing Rule 5810(c)(3)(A)(iv). A reverse split cuts the number of shares outstanding and lifts the price per share, but it leaves the business unchanged. The 8-K does not say why the bid price fell below $1.00 again after the split.

The timetable

Unless Lunai requested a hearing by February 13, 2026, its shares would be suspended from trading on The Nasdaq Capital Market at the opening of business on February 18, 2026. Nasdaq would then file a Form 25 with the Securities and Exchange Commission to delist the shares and deregister them under Section 12(b) of the Securities Exchange Act of 1934. The 8-K does not say where the shares would trade after that.

The company has filed a request for a hearing before the Nasdaq Hearings Panel. A timely request stays the suspension and the Form 25 filing until the panel rules. The 8-K says there is no assurance the appeal will succeed.

What the annual report says

Lunai's most recent annual report describes the company as a pre-clinical-stage biotechnology company with no products approved by regulators. Its forward-looking statements list several risks that bear on the company's listing and funding. They include its ability to continue as a going concern and to raise additional capital, dilution from future equity financings, and a limited public market for its common stock that it says makes the price volatile.

The same section lists heightened regulatory and commercial scrutiny of its AI-based technology and of its gene, cell and immunotherapy products. It notes the potential for actual or perceived safety issues with products of that kind. The company also lists the risk that a competitor reaches regulatory approval first, and the risk of liability for environmental damage, personal injury and property damage tied to its research.

What the company says ahead

The 8-K's forward-looking statement covers the company's intentions for any appeal and its "potential actions to regain compliance with Nasdaq listing requirements." It names none of those actions. It warns that the company may not regain compliance and that an appeal, if pursued, may not succeed.

What the filing leaves out

The 8-K gives no closing prices beyond the 30-day window, no cash balance and no hearing date. It does not say what the company would do if the panel rules against it, or how the September split changed the number of outstanding shares. A reader cannot tell from these filings how much time or money the company has to pursue either route.

Who signed

David Weinstein, Chief Executive Officer, signed the 8-K on February 12, 2026.

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