Rockwell Medical to put reverse stock split to a vote at June 12, 2026 meeting

Rockwell Medical, Inc. (Nasdaq: RMTI) filed a definitive proxy statement on April 30, 2026 asking stockholders to approve an amendment to its Certificate of Incorporation that would effect a reverse stock split of its common stock. The vote is Proposal 4 at the 2026 annual meeting, which the company will hold virtually at 10:00 a.m. Eastern Time on June 12, 2026. Only holders of record at the close of business on April 16, 2026 may vote.

Approval requires a majority of the votes cast on the proposal. Broker non-votes and abstentions are not counted as votes cast and have no effect on the outcome. The meeting can transact business only if a majority of the outstanding common shares is represented. The proxy tells holders it is important that their shares be represented, and asks them to return a signed proxy card even if they plan to attend. The board recommends a FOR vote on all four proposals.

The rest of the ballot

The same ballot carries three other items: the election of two Class II directors, an advisory vote on the pay of the named executive officers, and ratification of EisnerAmper LLP as the independent registered public accounting firm for 2026. The Class II nominees are Joseph Dawson, a director since November 2025, and Joan Lau, Ph.D. Mark Ravich, also a Class II director, is not standing for reelection, and the board will shrink to six members when his term ends. Unmarked proxies are voted for the board's slate and for each proposal.

Dawson was president of North America at Nipro Medical Corporation until June 2025 and has since worked as an independent consultant. The board treats him as non-independent because of a consulting arrangement with Rockwell, described in the proxy's related party section. Robert S. Radie is chairman and Mark Strobeck, Ph.D. is president and chief executive. The company has retained InvestorCom LLC as proxy solicitor for $6,000 plus out-of-pocket expenses. It says preliminary results will be announced at the meeting and final results filed on a Form 8-K within four business days.

The money behind the vote

The 10-K filed March 26, 2026 reports a net loss of $5.3 million for 2025, compared with a net loss of $480,000 for 2024. Rockwell used $659,000 in operations in 2025, after providing $4.2 million from operations in 2024. Research and development expense was $0 in 2025 and $19,000 in 2024.

Short-term investments stood at $14.3 million at the end of 2025, up from $5.9 million a year earlier. Cash and cash equivalents were $15.7 million at the end of 2024. The proxy does not discuss the cash position.

The business

Rockwell describes itself as a healthcare company that develops, manufactures, commercializes and distributes hemodialysis products for dialysis providers. The 10-K says the company is a supplier of liquid and dry, acid and bicarbonate concentrates for dialysis patients in the United States. It makes hemodialysis concentrates at two facilities, in Michigan and Texas, and dry acid concentrate mixers at a facility in Iowa.

Hemodialysis is the most common form of end-stage kidney disease treatment, and the 10-K says it is usually performed at freestanding outpatient dialysis centers, hospital-based outpatient centers, skilled nursing facilities or a patient's home. Rockwell says that makes for a large market opportunity, and that it believes its products are well positioned to meet patients' needs. Its CitraPure, Dri-Sate, RenalPure and SteriLyte names are registered trademarks. The company delivers most of its concentrates and mixers to clinics across the United States and abroad, using its own trucks and third-party carriers.

Rockwell says it concluded manufacturing at a South Carolina facility in the third quarter of 2025 as part of an effort to streamline operations. The company was incorporated in Michigan in 1996 and re-domiciled to Delaware in 2019.

The company reported a net loss of $5.3 million in 2025 and used $659,000 in operations.

Report an error

Companies in this story

RMTIRockwell Medical, Inc.NASDAQ · United StatesOpen the starter desk