Nasdaq panel delists OSR Health over $1.00 bid price rule

A Nasdaq Hearings Panel decided on October 23, 2026 to delist OSR Health's securities because the company did not meet Nasdaq's $1.00 minimum bid price requirement. OSR Health disclosed the decision in a press release filed on October 28, 2026 as an exhibit to a Form 8-K. The release does not give the share price on the date of the ruling, or any recent price.

Trading moved over the counter

Nasdaq suspended trading in the company's stock on August 26, 2026. Since then the shares have been quoted over the counter under the symbol OSRH.

OSR Health chose not to carry out a reverse stock split during the compliance period. The release says the company wanted its share price to reflect business progress rather than a change in share count. The release does not report a share price above $1.00 at any point.

Chief Executive Officer Peter Hwang said: "In our Hub-and-Spoke business structure, the listed status of the Hub matters, and we are evaluating our pathway to regaining our listing." The release says the company is weighing strategic and corporate alternatives to meet listing standards again. It does not name any of those alternatives.

A $15 million put and a CVR program

The company's $15 million equity put option against BCM Europe AG, granted under the Global Exclusive License Agreement for VXM01, remains in place, the release says. As amended on October 15, 2026, the option may also be settled by issuing convertible notes for the same $15 million principal, at fixed conversion prices of approximately $2.00 to $5.00 per share. The release does not say how much of the put has been used so far, and it does not give the number of shares outstanding, so the dilution from those conversion prices cannot be measured from the document.

The company also intends to keep its Shareholder Loyalty CVR Program for enrolled holders. It plans to amend the CVR Agreement so that price thresholds are measured on the principal market on which the stock is then listed or quoted. The release says enrolled holders will be updated as the amendment progresses.

Pipeline and the financial record

The release names three programs but gives no clinical results. Vaximm, which develops VXM01, an oral T-cell immunotherapy, is preparing a publication of new data analysis from the completed Phase 2a trial in glioblastoma. The release does not report that trial's results or its sample size. Darnatein's regenerative protein programs are the subject of licensing discussions with a potential licensee the release does not name. The release says numerous parties have expressed interest in partnerships for Woori IO's noninvasive glucose monitoring technology, and it names none of them.

The annual report for 2025, filed March 31, 2026, describes a global healthcare holding company with operations in South Korea and Switzerland and an office in the United States. It describes a hub-and-spoke model and says two of its three subsidiaries have their own drug development pipelines. Its portfolio table also lists a neurovascular surgical device unit.

The financial record is thin. Revenue was $2.9 million in 2025, down from $3.5 million in 2024. Cash used in operations was $4.3 million in 2025, up from $1.8 million in 2024. Research and development expense was $318,446 in 2025, against $161,155 in 2024. The company reported a net loss of $2.4 million for 2024. Cash and cash equivalents were $1.7 million at the end of 2025 and $1.5 million at June 30, 2026, according to the company's 10-Q.

The release does not say how the company will fund operations beyond the put option, and it gives no date for any draw on it.

What comes next

OSR Health says it will provide a further update on its plan to regain a national exchange listing on or before November 6, 2026.

Report an error

Companies in this story

OSRHOSR Health, Inc.OTC · United StatesOpen the starter desk