New York, July 3, 2026, 04:24 (EDT)
- Nasdaq is closed Friday for the Independence Day holiday, so Zhongchao won’t trade on Nasdaq again until Monday.
- Zhongchao ended Thursday at $1.11. Shares jumped to $3.43 in after-hours trading, gaining 209.01%.
- The company did three reverse splits in 2026, making for a combined 1-for-744 ratio before rounding for fractional shares.
Zhongchao Inc. NASDAQ:ZCMD heads into the U.S. holiday break with its share count trimmed and the stock trading wild: Class A shares soared 209% after hours, the float is now tiny after a split, and shareholders signed off on raising the authorized cap to $10 billion.
Shanghai-based healthcare information and patient-services stock closed Thursday at $1.11, off 0.89%. Shares last traded at $3.43 in the after-hours session at 7:59 p.m. EDT, StockAnalysis.com reported, citing S&P Global Market Intelligence. The name had rallied 16.8% off its June 26 close of 95 cents before the after-hours move.
| Zhongchao price check | Reading |
|---|---|
| Closed at $0.95 on June 26 | $0.95 |
| Closed at $1.19 on June 29 | $1.19 |
| Regular close July 2 | $1.11 |
| After hours July 2 | $3.43 |
| Move for regular session, June 26 to July 2 | +16.8% |
| After-hours gain from July 2 close | +209.01% |
The first thing to watch next week is whether the post-market move sticks. Shares traded above $3 after hours, but it’s not clear if that price holds through a regular Nasdaq session or if it was just after-the-bell action in a name already moving on corporate news. Markets are closed July 3 for Independence Day observed. Regular Nasdaq trading runs 9:30 a.m. to 4 p.m. Eastern.
The main concern for investors isn’t only the stock’s surge. It’s the float size compared to voting numbers. Zhongchao said in a June 23 SEC filing that just 70,000 ordinary shares out of 3,469,636 voted at its June 18 meeting. After adding in Class B high-vote shares, shareholders cleared the proposal to raise authorized share capital to $10 billion from $20 million with 20,176,066 votes for, 31,766 against and 3,007 abstentions.
Just 2.0% of ordinary shares showed up, but voting cleared a 500-fold jump in authorized capital. The meeting also backed share consolidations—one or several in three years—with ratios anywhere from 2:1 up to 250:1, leaving timing and the final split ratio to the board.
| Capital structure item | Confirmed figure |
|---|---|
| Shares counted at June 18 vote | 70,000 |
| Outstanding shares eligible to vote | 3,469,636 |
| Turnout by share count | about 2.0% |
| Authorized capital pre-vote | $20 million |
| Authorized capital post-vote | $10 billion |
| Votes in favor of raising capital | 20,176,066 |
| Votes against raising capital | 31,766 |
Zhongchao moved quickly on that mandate. On June 25, the company said it would do a 1-for-3 share consolidation at the open on June 29, keeping ZCMD as its ticker but switching the CUSIP to G9897X149. That will shrink Class A ordinary shares to roughly 1,149,825 from 3,449,475, and Class B shares to about 6,721 from 20,161.
June’s split came after a 1-for-31 consolidation on June 8 and a 1-for-8 split on March 2. For someone with shares since before March, the cumulative 2026 reverse splits amounted to 1-for-744, before any rounding. The company said the February split was to get back above Nasdaq’s minimum bid price requirement, while the consolidations on June 8 and June 29 were done to keep its Nasdaq Capital Market listing.
Traders should be cautious with Thursday’s volume numbers until Nasdaq confirms. StockAnalysis put volume at 224,313 shares for the day. Google Finance had 23.99 million shares traded and showed 1.15 million shares outstanding; Benzinga also listed 23.99 million in volume with a $1.28 million market cap. Using that high volume figure means turnover was about 21 times the Class A share count after consolidation.
After hours, Zhongchao shares are still trading well below what it targeted in last month’s financing. Zhongchao announced a best-efforts public offering in late May aiming to pull in about $5 million in gross proceeds before fees and expenses. With the price at $3.43 on about 1.15 million Class A shares, the current after-hours level values the Class A equity at around $3.9 million, not counting warrants or any other capital-structure items.
