aibioNuwellis sets one-for-nine reverse stock split effective October 26
Tickers NUWE
The split takes effect at 5:00 p.m. Eastern Time on October 26, 2026, and NUWE shares trade split-adjusted from October 27.
Key facts
- Company
- Nuwellis, Inc. (NASDAQ: NUWE)
- News type
- Listings
- Primary source
- Nuwellis, Inc. 8-K (2026-10-23)
Nuwellis, Inc. (Nasdaq: NUWE) will carry out a one-for-nine reverse stock split of its common stock, according to a Form 8-K the company filed on October 23, 2026. The split becomes effective at 5:00 p.m. Eastern Time on October 26, 2026, and the common stock will begin trading on a split-adjusted basis when the market opens on October 27, 2026. The filing was signed by Michael K. McCormick, the company's President and Chief Executive Officer, and it attaches the amendment to the company's certificate of incorporation as Exhibit 3.1.
The terms
When the split becomes effective, every nine shares of the company's issued and outstanding common stock, including shares held in treasury, will automatically convert into one share of common stock. The par value per share does not change. The filing says the split also brings a proportionate adjustment to the exercise price and number of shares for outstanding stock options, restricted stock units and warrants, to the number of shares issuable on conversion of the outstanding preferred stock, and to the number of shares reserved under the company's equity incentive compensation plans.
No fractional shares will be issued. Any fraction that would result from the split will be rounded down to the next whole share, and the holder will receive cash equal to the market value of that fraction. The market value is based on the closing sales price of the common stock on Nasdaq on the last trading day before the split becomes effective. The common stock will keep trading on the Nasdaq Capital Market under the symbol NUWE. The new CUSIP number for the common stock will be 67113Y 884. Equiniti Trust Company, LLC, the company's transfer agent, will also act as the exchange agent for the split.
How the board reached the ratio
The split traces back to a special meeting of stockholders held on July 24, 2026. At that meeting, the stockholders approved an amendment to the certificate of incorporation that would allow a reverse split at a ratio in the range of one-for-five to one-for-seventy, with the exact ratio left to the board of directors. The board approved the one-for-nine ratio on October 13, 2026. On October 22, 2026, the company filed the Certificate of Amendment with the Secretary of State of the State of Delaware to put the split into effect.
The filing refers readers to the company's definitive proxy statement on Schedule 14A, which was filed with the Securities and Exchange Commission and mailed to stockholders on or about July 7, 2026.
Recent financial results
The company's annual figures, taken from its Form 10-K filed on March 11, 2026, show revenue of $8.3 million for the fiscal year ended December 31, 2025, compared with $8.7 million for 2024. Research and development expense was $2.7 million in 2025, down from $3.2 million in 2024. The net loss was $17.5 million for 2025, compared with $11.2 million for 2024. Cash used in operations was $10.8 million in 2025, compared with $9.6 million in 2024.
Cash and cash equivalents were $1.1 million at the end of 2025 and $5.1 million at the end of 2024, according to the company's filings. The company's quarterly report on Form 10-Q, filed on August 13, 2026, shows cash and cash equivalents of $3.9 million at June 30, 2026.
What comes next
A reverse split changes the share count, not the business. The filing says options, warrants and preferred stock are adjusted in proportion, so existing holders are no better off for the change. The 8-K does not say why the board chose the split or whether a Nasdaq requirement drove it. The numbers behind it are weak. The net loss was $17.5 million for 2025 against revenue of $8.3 million, and cash used in operations was $10.8 million. Cash and cash equivalents were $3.9 million at June 30, 2026, a smaller figure than the 2025 cash burn. The effective time is 5:00 p.m. Eastern Time on October 26, 2026, and the filing does not say whether further corporate actions are planned.