NEW YORK, July 2, 2026, 19:01 (EDT)
- Zhongchao Inc. NASDAQ:ZCMD ended the session at $1.11, off 0.89%. Shares then jumped to $3.32 after hours by 18:59 EDT.
- Regular session trading volume hit 21.86 million shares, around 19x the company’s Class A share count after the split.
- The company has done 1-for-8, 1-for-31, and 1-for-3 reverse splits in 2026, according to filings and Nasdaq, for a total 1-for-744 split ratio.
Zhongchao Inc. NASDAQ:ZCMD shares saw wild swings Thursday. The Shanghai health info and patient services firm finished regular trade at $1.11, off 0.89%. Shares moved between $1.00 and $1.17 through the session. At 18:59 EDT, after-hours quotes on Webull put ZCMD at $3.32, jumping 199.10% from the close.
Volume told the story. Webull put regular session trading at 21.86 million shares. Zhongchao last week said it expected about 1.15 million Class A shares to be left after the 1-for-3 reverse split on June 29. That makes the day’s volume nearly 19 times the new share count.
| Thursday measure | Zhongchao | Comparator |
|---|---|---|
| Regular close | $1.11, off 0.89% | Nasdaq Composite lost 0.80% |
| Day range | $1.00 to $1.17 | Nasdaq Composite closed at 25,832.67 |
| After-hours quote | $3.32, up 199.10% as of 18:59 EDT | No after-hours index quote |
| Regular-session volume | 21.86 million shares traded | Total U.S. exchange volume was 19.92 billion shares |
| Volume vs post-split Class A shares | roughly 19.0 times | no comparison |
The stock swung harder than the indexes. Nasdaq Composite dropped 207.36 points to 25,832.67. Dow Jones Industrial Average jumped 1.14% to a record close. S&P 500 barely moved, finishing flat, Reuters said.
The share base is a sticking point for investors. Zhongchao’s February consolidation dropped its Class A share count down to roughly 3.22 million from 25.75 million. A 1-for-31 reverse split in June brought the post-offering tally to about 2.57 million Class A shares. Then the June 29 1-for-3 split brought that number down again, this time to approximately 1.15 million.
| Date | Action | Share-count or capital detail | Why it matters |
|---|---|---|---|
| March 2, 2026 | 1-for-8 reverse split | Class A share count cut to about 3.22 million | Needed for Nasdaq listing rules |
| June 8, 2026 | 1-for-31 reverse split | Class A share count trimmed to about 2.57 million | Results in a thinner trading float |
| June 18, 2026 | Vote on share capital | Authorised share capital lifted to $10 billion from $20 million | Gives room to issue far more shares |
| June 29, 2026 | 1-for-3 reverse split | Class A share count down to about 1.15 million | Thursday turnover matched the full disclosed share total several times |
Shareholders signed off on a jump in authorised share capital at the June 18 vote, according to a later SEC filing. The pool went from $20 million to $10 billion, lifting the Class A pool to 36.29 billion shares at the par value set at the time. The vote didn’t attract much notice but could be important.
The financing side has new details. Zhongchao on May 29 set terms for a $5 million best-efforts deal, selling 9.26 million units at $0.54 per unit. Each unit gave buyers either a Class A share or a pre-funded warrant, plus another warrant with an initial exercise price of $0.594, before any consolidations.
Zhongchao says it is a Cayman Islands holding company that brings together PRC operating firms via contracts. Its operating arms deliver online healthcare information, training for doctors, patient management for tumor and rare diseases, internet healthcare, and a public health info platform, according to the company.
Softer U.S. jobs data moved the wider market. The U.S. added 57,000 jobs in June, well under the 110,000 forecast from Reuters. “It just takes the pressure off the Fed to raise rates in the short term,” Adam Sarhan, CEO at 50 Park Investments, said to Reuters. Reuters
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