Lunai Bioworks Inc. has announced its intention to voluntarily withdraw its common stock from listing on the Nasdaq Stock Market LLC. The company cited financial noncompliance and the high cost of continued listing as reasons for the decision. On October 21, 2026, the company received a letter from Nasdaq’s Listing Qualifications Department notifying it that it no longer meets the minimum stockholders’ equity requirement of $2,500,000 under Nasdaq Listing Rule 5550(b)(1).
The determination was based on the company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2026, which reported a stockholders’ deficit of $(9,024,946). Additionally, the company does not meet the alternative continued listing standards based on market value of listed securities or net income from continuing operations.
Because Lunai Bioworks is currently subject to a mandatory Hearings Panel Monitor under Nasdaq Listing Rule 5815(d)(4)(B), it is ineligible for a compliance period or to submit a compliance plan to Nasdaq staff. Consequently, Nasdaq staff has determined to delist the company’s securities. The company does not intend to request a hearing before the Nasdaq Hearings Panel.
Trading in the company’s common stock is expected to be suspended at the opening of business on October 30, 2026. The company’s Board of Directors approved the voluntary withdrawal on October 22, 2026, and the company provided written notice to Nasdaq of this intention on the same day.
The company intends to file a Form 25 with the Securities and Exchange Commission on or about November 2, 2026. Delisting is expected to become effective on or about November 12, 2026, ten days after the Form 25 is filed. Following the delisting, Lunai Bioworks plans to file a Form 15 to suspend its reporting obligations under the Exchange Act, to the extent it is eligible to do so.
Separately, the company announced the resignation of Nathen Fuentes as Chief Financial Officer, effective immediately. Douglas W. Calder resigned as a member of the Board, effective immediately. Following these resignations, the Board consists of three directors, and the Audit Committee consists of two members, which no longer complies with Nasdaq Listing Rule 5605(c)(2)(A).
On October 16, 2026, the company terminated an ATM Sales Agreement with Dawson James Securities, Inc. On October 22, 2026, the company filed post-effective amendments to deregister all securities remaining unsold under its registration statements on Form S-8 and Form S-3.
