Propanc Biopharma's S-1 details 1:25 reverse split and Hexstone resale terms

Propanc Biopharma, Inc. filed a Form S-1 with the SEC on July 17, 2026 to register the resale of up to 2,500,000 shares of common stock held by selling stockholder Hexstone Capital LLC. The prospectus covers the resale of up to 2,500,000 shares of common stock, which includes shares issuable upon conversion of 9,900 shares of Series C Preferred Stock that could be issued if the selling stockholder exercises a warrant it holds.¹ The company will not receive any proceeds from the resale of the shares by the selling stockholder.¹

The filing confirms a reverse stock split took effect since the last report. In March 2026, holders of a majority of the company's voting power and the board approved a reverse stock split of outstanding common stock at a ratio of one post-split share per twenty-five pre-split shares.¹ The Reverse Stock Split became effective as of May 18, 2026.¹ As a result, shares outstanding before the offering totaled 3,503,116 as of July 6, 2026, and shares outstanding after the offering would be 6,003,116, assuming the sale of all of the Shares.¹

The underlying transaction still dates to October 7, 2025, when the company entered a Securities Purchase Agreement with Hexstone tied to a private placement that closed November 4, 2025, which brought in gross proceeds of roughly $1,000,000, before expenses related to the transaction.¹ Separately, if the warrant tied to the deal is fully exercised for cash, the company could receive around $99,000,000 more, though it says it cannot predict whether or when that exercise will happen.¹

Financially, the company has no revenue generating operations and an accumulated deficit, which raises substantial doubt about its ability to continue as a going concern.¹ For the nine months ended March 31, 2026, the company had no revenues, a net loss of $15,221,714, net cash used in operations of $4,080,653, cash of $443,702, and an accumulated deficit of $140,843,234.¹ As of the date of the prospectus, the company was in default on certain loans, notes, and convertible notes totaling approximately $212,000, past their maturity dates.¹ Shares trade on Nasdaq under "PPCB," and on July 15, 2026, the last reported sale price of common stock on Nasdaq was $1.63 per share.¹