Lunai Bioworks Inc. will voluntarily withdraw its common stock from the Nasdaq Stock Market LLC, a decision driven by a stockholders' deficit that fails to meet minimum equity requirements. The company's Board of Directors approved the withdrawal on October 22, 2026, concluding that the cost of maintaining its listing and SEC reporting obligations is no longer justified by its financial condition.
The delisting follows a determination from Nasdaq staff received on October 21, 2026, stating that Lunai Bioworks no longer complies with Nasdaq Listing Rule 5550(b)(1). This rule mandates a minimum stockholders' equity of $2,500,000. In its Annual Report on Form 10-K for the fiscal year ended June 30, 2026, the company reported the aforementioned deficit and noted that it does not meet alternative standards for market value of listed securities or net income. Because the company was subject to a mandatory Hearings Panel Monitor under Nasdaq Listing Rule 5815(d)(4)(B), Nasdaq staff moved to delist its securities rather than allow a contest of the determination.
Trading in Lunai Bioworks common stock on Nasdaq is expected to be suspended at the opening of business on October 30, 2026. The company intends to file a Form 25 with the Securities and Exchange Commission on or about November 2, 2026, with the delisting expected to become effective on or about November 12, 2026. Following this, Lunai Bioworks plans to file a Form 15 to suspend its SEC reporting obligations, provided it is eligible to do so under SEC rules. Until such time as these obligations are terminated or suspended in accordance with SEC regulations, the company's reporting requirements remain in effect.
Lunai Bioworks does not intend to arrange for quotation of its common stock on any over-the-counter market. The company cautioned that it cannot assure that any trading market for its shares will exist after Nasdaq trading is suspended. The press release notes that actual results may differ materially from these expectations due to risks and uncertainties associated with Nasdaq and SEC procedures, as well as the company's ongoing financial condition.