The company’s board of directors approved a 1-for-10 reverse stock split, which will take effect on July 1, 2026
- While Rockwell did not disclose the expected number of outstanding shares following the reverse stock split, Koyfin data shows the company has roughly 39.5 million shares.
- Nasdaq gave the biotech firm 180 days, or until Nov. 4, 2026, to regain compliance.
- Rockwell had earlier reported first-quarter net sales of $17.3 million, down 8% due to lower purchase volumes from one customer.
Shares of Rockwell Medical (RMTI) were in focus on Monday, after the biotech firm announced its first reverse stock split in over four years.
RMTI shares cracked below $1 on March 25 and have failed to test the levels since. Rockwell had previously implemented a 1-for-11 reverse split in May 2022.
At the time of writing, RMTI shares edged marginally lower in pre-market trading.
RMTI To Implement Reverse Stock Split On July 1
The company’s board of directors approved a 1-for-10 reverse stock split of its issued and outstanding common stock, following shareholder authorization at the annual meeting on June 12, 2026.
The reverse stock split will take effect on July 1, 2026. Once effective, every 10 shares of the company's common stock will automatically be combined into one share.
“The Reverse Stock Split is primarily intended to bring the Company into compliance with the minimum bid price requirement of $1 per share for continued listing on Nasdaq,” said Robert S. Radie, Chairman of the Board at Rockwell Medical.
While Rockwell did not disclose the expected number of outstanding shares following the reverse stock split, Koyfin data shows the company had roughly 39.5 million shares outstanding at the time of writing. Based on a 1-for-10 consolidation, the outstanding share count is expected to be reduced to about 3.95 million.
RMTI’s Nasdaq Notice
In May, Rockwell received a notice from Nasdaq regarding compliance issues after the stock traded below the required minimum bid price of $1 for 30 consecutive business days. Nasdaq gave the biotech firm 180 days, or until Nov. 4, 2026, to regain compliance.
According to the company’s latest financial filing, Rockwell reported first-quarter net sales of $17.3 million, down 8% due to lower purchase volumes from one customer, while its net loss widened to $1.6 million from $1.5 million. The company ended the quarter with $23.9 million in cash, cash equivalents, and available-for-sale investments.
Retail’s Take On RMTI
Despite the sharp pre-market drop, retail sentiment on Stocktwits remained in the ‘extremely bullish’ zone over the past 24 hours, amid ‘high’ message volumes.
The stock has declined more than 24% so far this year.
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