Cupertino, Calif., March 9, 2026, 06:42 PDT
Reviva Pharmaceuticals Holdings implemented its 1-for-20 reverse stock split just after midnight Eastern Time on Monday, combining 20 shares into a single share. The move is aimed at boosting the company’s share price to maintain its Nasdaq listing. Reviva said the stock will start trading on a split-adjusted basis at the opening bell.
Reviva faces a deadline of March 27 to get its share price back above Nasdaq’s $1 minimum bid requirement. The company warned in filings that losing its listing could drain liquidity and block access to capital markets.
The change cuts the number of shares, turning every 20 into a single share and bumping up the nominal price. Reviva noted this doesn’t guarantee a matching or sustained rise in price. Nasdaq, for its part, expects the closing bid to hold at $1 or more for at least 10 straight business days.
The company’s sticking with the same par value and authorized share count. Options and warrants get tweaked, and anyone owed a fractional share will be rounded up to a full one. The board went with the highest split ratio they could, based on the authority shareholders approved back in December.
The listing dispute surfaces as Reviva pushes to advance brilaroxazine—its main schizophrenia prospect—toward U.S. regulatory signoff. Following a pre-NDA meeting in December, where companies sit down with the FDA before seeking approval, Reviva said the agency called for an additional Phase 3 trial. CEO Laxminarayan Bhat noted the company is “committed to working closely with the FDA,” eyeing a RECOVER-2 trial kickoff in the first half of 2026 if funding falls into place. Reviva Pharmaceuticals
The issue of financing sits at the heart of things. In its March filing, Reviva warned that losing its Nasdaq listing might complicate efforts to secure capital on workable terms—or possibly block access to funding altogether.
D. Boral Capital’s Jason Kolbert cut his rating on the stock to “hold” last week, pointing out that the reverse split does nothing for Reviva’s core fundamentals. Moves like this, Kolbert noted, often signal lagging share prices or attempts to meet exchange requirements. Investing.com
Reviva is pushing forward with its own schizophrenia drug, even as the field grows crowded with offerings from major players. Bristol Myers Squibb secured U.S. approval this year for Cobenfy, marking the first fresh class of antipsychotic in decades. Vanda Pharmaceuticals picked up a nod for Bysanti just last month.
Still, psychiatrists point out the gaps that persist. Alan Schatzberg, psychiatry professor at Stanford University School of Medicine, told Reuters after Cobenfy cleared approval, “there was ‘an unmet need still in the treatment of schizophrenia,'” highlighting the challenge for patients dealing with lingering negative symptoms. Reuters
Still, a pricier share doesn’t necessarily mean the company’s on firmer ground. Reviva flagged that liquidity might dry up post-split, with less trading expected. Even if shares pop initially, the company’s market cap could actually wind up lower.
Should the stock fail to hold above $1 for the required period, Nasdaq could proceed with delisting. That scenario would force Reviva to seek funding for its next pivotal schizophrenia trial, but with even fewer avenues left on the table.
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