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Investing.com -- ProMIS Neurosciences Inc (NASDAQ:PMN) stock plunged 28.6% in Monday’s premarket trading after the clinical-stage biotechnology company announced plans for a 1-for-25 reverse stock split to regain Nasdaq compliance.
The reverse split will take effect on November 28, 2025, reducing the company’s outstanding shares from approximately 53.8 million to about 2.15 million. The move comes as ProMIS attempts to address a Nasdaq deficiency notice received on January 8, 2025, which cited the company’s failure to maintain the minimum required closing bid price of $1.00 per share for 30 consecutive business days.
Nasdaq had granted ProMIS an additional 180-day compliance period until December 29, 2025, to meet the listing requirement. The company believes the reverse split will increase its share price sufficiently to cure the deficiency.
When the split becomes effective, proportional adjustments will be made to the company’s equity incentive plans, outstanding stock options, and warrants. Stockholders who would otherwise receive fractional shares will instead receive cash.
ProMIS Neurosciences, which focuses on developing therapies for Alzheimer’s disease and other neurodegenerative disorders, had previously received authorization from stockholders for the reverse split at a Special Meeting held on November 17, 2025.
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