Adagio Medical Sets 1-for-30 Reverse Stock Split, Effective Nov. 6

Adagio Medical Holdings (Nasdaq: ADGM) will carry out a 1-for-30 reverse stock split, the company said in an 8-K filed Thursday, Nov. 5. The amendment takes effect at 5:00 p.m. Eastern Time on Nov. 6.

An earlier 8-K filed Aug. 14 disclosed a notice of failure to meet a listing standard.

Under the amendment, every 30 shares of common stock will be combined into one share, with no change in par value. The split applies to all common shares outstanding immediately before the effective time. Stock options, restricted stock units and warrants will be adjusted proportionately, and the shares reserved under equity compensation plans will be reduced proportionately.

The company had about 22.2 million shares outstanding as of Aug. 10, and a market value of about $2.0 million at the last close before the filing, $0.09 on Nov. 4.

No fractional shares will be issued. Holders who would otherwise receive one will get a cash payment in lieu. The filing says the split affects all stockholders proportionately and does not change any holder's percentage ownership, except where a holder would own only a fractional share.

Trading schedule

The common stock will begin trading on a split-adjusted basis on The Nasdaq Capital Market when the market opens on Nov. 9. The new CUSIP number is 00534B308. The filing does not mention a change to the ticker.

Approvals

Stockholders approved a series of alternate reverse split amendments at a Special Meeting on Oct. 23. The board approved the specific 1-for-30 ratio the same day.