New York, May 18, 2026, 17:03 EDT
- Wellgistics Health rallied 108.38% to end at $0.1740 on Nasdaq. More than 614 million shares changed hands.
- The company pulled its preliminary proxy materials and said it is still looking at possible strategic deals.
- The company is set to report first-quarter earnings Tuesday. Earlier, it flagged in a late-filing notice that its 10-Q would take more time to prepare.
Wellgistics Health shares jumped more than 100% Monday after the Tampa, Florida-based drug distribution and health-tech firm withdrew preliminary proxy materials for a shareholder vote. Investors are now looking to the company’s next steps and first-quarter results set for release Tuesday.
The stock finished at 17.4 cents, a gain of 9.05 cents, or 108.38%. Shares moved between 8.34 cents and 21.96 cents during the day. Volume topped 614 million, about 39 times what Finviz says is average.
Wellgistics is working to overhaul its capital structure and business with shares still trading under Nasdaq’s $1 minimum. In an 8-K out Monday, the company said it asked the SEC to pull a preliminary proxy statement filed May 14. Wellgistics said it’s not moving forward with the proxy “in their current form” as it reviews possible strategic transactions.
A proxy statement is the document companies mail to shareholders ahead of votes. The withdrawn version was set to replace older filings and combine a special meeting with the June 19 annual meeting. It also added items related to preferred shares, super-voting preferred shares, and possible share issuance over Nasdaq’s 19.99% cap.
Wellgistics said it hasn’t mailed or sent out any proxy materials related to the withdrawn statement. Investors still don’t know when the next vote is, and are left guessing about what the company will do next.
Shares moved before first-quarter results due Tuesday, May 19. Wellgistics on Friday confirmed it will release those numbers that day. The company, which describes itself as a healthcare tech and pharma distributor, says it links over 6,500 pharmacies and more than 200 manufacturers.
The company said Friday it filed a notice for late 10-Q results for the March quarter, citing the need for more time to finish and check its financials and disclosures. The company expects to make the filing within the allowed five-day extension. It doesn’t expect much change from the same period a year ago.
Wellgistics shares moved after deal chatter. The company said on May 14 it signed a non-binding letter of intent to buy WellCare Today. The planned deal is valued around $15 million, with $3 million in cash and preferred stock as an earnout.
WellCare Today is in remote patient monitoring, remote therapeutic monitoring, and chronic care management. Remote patient monitoring tracks health stats outside the doctor’s office, usually with connected devices. Wellgistics said WellCare’s system uses Samsung Galaxy Watch tech to measure things like heart rate, blood oxygen, and activity.
The company called the deal an extension of the May 13 pilot with Kare PharmTech and Kare Clinicals. In the announcement, Wellgistics president and CEO Prashant Patel said the partnership may open a “significant opportunity” both for patient outcomes and independent pharmacies. Kare PharmTech CEO Mital Panera said the focus is on provider support as it relates to “care coordination and reimbursement workflows.” ACCESS Newswire
Competition is stiff. Wellgistics, in its latest annual report, said the pharmacy, healthcare, clinical concierge, and wholesale drug markets face pressure from all sides. The company listed rivals among pharmacy benefit managers, big retail chains, digital pharmacies, specialty players, and large provider systems. Wellgistics said many of these competitors control more resources, have bigger market share, and stronger buying power.
That lands Wellgistics’ pitch in the mix with bigger drug-channel players like CVS Health, Cencora and McKesson, with Finviz putting those in the peer group for WGRX. It’s a market exposure comparison, not one of size: Wellgistics carried a market cap of around $21.9 million at Monday’s close, Finviz data show.
Thin financial base at Wellgistics. The company logged $23.34 million in revenue for 2025 but ended with a net loss of $101.27 million. Cost of revenue was higher than sales, and gross margin was negative due to liquidity issues and old inventory weighing on purchases and margins.
Monday’s jump doesn’t fix Wellgistics’ funding or execution problems, or the risk around its Nasdaq listing. The company says its common stock needs to close at $1 or higher for at least 10 business days before June 8 in order to get back in line with Nasdaq’s minimum bid rule, unless it gets extra time. If it doesn’t meet that, it could face delisting.
Deal terms are far from locked in. The WellCare Today LOI is non-binding, and Wellgistics said closing the transaction will hinge on due diligence, a final agreement, board sign-off, financing, and other conditions. The company also cautioned it can’t guarantee reimbursement for any patient, provider, pharmacy, service, or device.
