Lunai Bioworks to voluntarily delist from Nasdaq, deregister stock

Lunai Bioworks Inc. said on October 22, 2026 that it received a letter the prior day from Nasdaq's Listing Qualifications Department stating the company had fallen out of compliance with the $2,500,000 minimum stockholders' equity requirement under Listing Rule 5550(b)(1). The determination cited a stockholders' deficit of $(9,024,946) reported in the company's Form 10-K for the fiscal year ended June 30, 2026, and noted the company also failed to meet alternative standards based on market value of listed securities or net income from continuing operations.¹

Because the company is subject to a mandatory Hearings Panel Monitor stemming from a Nasdaq Hearings Panel decision dated May 12, 2026, it is not eligible for a compliance period or to submit a compliance plan, and Nasdaq staff moved to delist the stock.¹ Trading would be suspended at the opening of business on October 30, 2026 unless the company requested a hearing by October 28, 2026, which it said it does not intend to do.¹

Instead, the company's Board of Directors approved voluntary withdrawal of the common stock from Nasdaq listing and from Exchange Act registration, concluding that the costs of continued listing and SEC reporting were not justified given its financial condition.¹ Lunai intends to file a Form 25 around November 2, 2026, with delisting expected to take effect around November 12, 2026, ten days later.¹ After delisting, the company plans to file a Form 15 to suspend SEC reporting, though its obligations, including the Form 10-Q for the quarter ended September 30, 2026, continue until terminated under SEC rules.¹

Separately, Chief Financial Officer Nathen Fuentes resigned effective immediately on October 22, 2026.¹ Board member Douglas W. Calder also resigned that day, leaving the board with three directors.¹ The company also terminated its ATM Sales Agreement with Dawson James Securities, Inc. on October 16, 2026.¹