Shares of Scynexis Inc. (NASDAQ: SCYX) slipped roughly 7% in after-hours trading Friday after the clinical-stage biotechnology firm revealed plans for a 1-for-8 reverse stock split. The company said the split will take effect on May 29, 2026, with split-adjusted trading commencing on June 1, 2026, under the same ticker symbol, SCYX.
The reverse split was approved by stockholders at a Special Meeting held on May 19, 2026, with the final ratio set by the board of directors. Scynexis stated the purpose of the corporate action is to bring the company into compliance with the Nasdaq Capital Market’s minimum bid price requirement for continued listing.
At the effective time of the split, every eight shares of issued and outstanding common stock will be combined into one share. On a pro forma basis, the company expects its outstanding common shares to fall from approximately 79.5 million to approximately 9.9 million. Concurrently, the company’s authorized share count will be reduced from 150 million to 18.75 million, while the par value per share will remain unchanged.
The firm also detailed how the split will affect equity awards and convertible instruments. Outstanding stock options, restricted stock units and warrants will be adjusted in proportion to the split, with a corresponding proportional increase in exercise prices. Scynexis noted that no fractional shares will be issued; stockholders who would otherwise be entitled to fractional shares will instead receive cash payments in lieu of fractional shares.
Equiniti Trust Company has been named as the exchange agent to oversee the mechanics of the reverse split. The company added that shareholders holding their shares through banks, brokers or other nominees will have their positions automatically adjusted and will not need to take any action to effect the change.
The company confirmed that trading on a split-adjusted basis will begin June 1, 2026, under the existing SCYX ticker and that a new CUSIP number will be assigned for the post-split shares.
Scynexis’ announcement outlined the timing, shareholder approval and administrative details of the reverse split, and described how outstanding equity-based instruments and fractional share situations will be handled as part of the corporate action.