Can-Fite Announces Reverse Split of its Ordinary Shares and ADS Ratio Change

Rhea-AI Summary

Can-Fite (NYSE American: CANF) announced a 1-for-3,000 reverse split of ordinary shares following shareholder approval on November 10, 2025.

The split will be recorded on the Tel-Aviv Stock Exchange on January 2, 2026, with first TASE trading of consolidated shares on January 5, 2026. Concurrently the ADS ratio will change from 1 ADS = 300 ordinary shares to 1 ADS = 2 ordinary shares, effective on the NYSE American on January 5, 2026, requiring an exchange of every 20 ADS for 1 new ADS.

The company will reduce authorized ordinary shares from 42,000,000,000 to 14,000,000 and issue no fractional ordinary shares (rounded up); ADS fractional entitlements will be aggregated and sold by the depositary bank. New CUSIP: 13471N409.

Positive

• Shares consolidated at a 3,000-for-1 ratio
• ADS ratio reduced from 1:300 to 1:2
• Authorized shares cut from 42,000,000,000 to 14,000,000

Negative

• Significant share consolidation may reduce liquidity on CANF
• ADS holders must exchange 20 ADS for 1 new ADS on effective date
• Aggregate sale of fractional ADS entitlements may yield cash proceeds after fees

Key Figures

Reverse split ratio 1-for-3,000 Ordinary shares reverse split approved by board after Nov 10, 2025 vote

ADS ratio old 1 ADS = 300 ordinary shares Previous ADS-to-ordinary share ratio

ADS ratio new 1 ADS = 2 ordinary shares New ADS-to-ordinary share ratio effective Jan 5, 2026

ADS split effect 1-for-20 ADS Equivalent impact for ADS holders from ratio change

Authorized shares pre-split 42,000,000,000 ordinary shares Authorized share count before reverse split

Authorized shares post-split 14,000,000 ordinary shares Authorized share count after reverse split

ADS exchange 20 ADSs for 1 new ADS Exchange requirement for ADS holders on effective date

New CUSIP 13471N409 CUSIP for CANF ADSs after ratio change

Market Reality Check

$0.2405 Last Close

Volume Volume 646,359 is below the 20-day average of 1,178,777, suggesting muted trading ahead of the split. low

Technical Price $0.2405 is trading below the $0.85 200-day moving average and near the $0.24 52-week low.

Peers on Argus 1 Up

CANF was weak near its 52-week low while biotech peers showed mixed moves, with names like ADAP at -17.57% and NXTC at +7.81%, indicating company-specific factors rather than a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 16	Clinical/financial update	Positive	+9.1%	Updated on key Phase III/II trials and cash plus recent financings.
Nov 26	Conference presentation	Neutral	+0.0%	Planned NobleCon21 presentation covering advanced-stage pipeline and deals.
Nov 24	Partnership outreach	Positive	+12.0%	BioFIT 2025 attendance to seek Namodenoson veterinary partnerships.
Nov 20	Patent allowance	Positive	-7.0%	Brazil patent allowance for CF602 erectile dysfunction candidate.
Nov 18	Clinical case update	Positive	+5.0%	Reported 9-year survival with complete response in Namodenoson-treated HCC patient.

Pattern Detected

Recent news has generally been positive (pipeline progress, IP wins), with stock reactions mostly aligned, except a divergence on the Brazil patent update.

Recent Company History

Over the last months, Can-Fite reported several clinically focused milestones and corporate updates. On Nov 18 and Nov 24, it highlighted Namodenoson’s long-term survival data and new veterinary partnership efforts, both with positive price reactions. A Brazil patent allowance on Nov 20 drew a negative move despite its supportive nature. Subsequent conference and clinical/financial updates in late November and mid-December maintained a pipeline-driven story. Today’s reverse split and ADS ratio change follow this series of updates but address capital market structure rather than operations.

Market Pulse Summary

The stock is dropping -23.4% following this news. A negative reaction despite the mechanical nature of a reverse split would fit a pattern where capital-structure changes drew cautious responses. The 1-for-3,000 share consolidation and 1-for-20 ADS impact did not alter percentage ownership but highlighted the pre-split weakness near the $0.24 52-week low. Historical financing steps and warrant adjustments may add to concerns about dilution or future capital needs, contributing to downside pressure.

Key Terms

reverse split financial

"approved a 1-for-3,000 reverse split of the Company’s ordinary shares."

A reverse split is when a company reduces the number of its outstanding shares by combining several existing shares into one new share, so the price per share rises proportionally while the company’s overall value stays the same. Investors care because it can make a stock appear more respectable or meet exchange rules — like turning many small coins into a single larger bill — but it can also signal financial trouble and often affects trading liquidity and investor perception.

american depositary shares financial

"ordinary shares underlying each of the Company’s American Depositary Shares (ADSs)"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

ads financial

"such that its ratio of ADSs to ordinary shares will change from one (1) ADS"

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

cusip number financial

"under the symbol “CANF” with a new CUSIP Number 13471N409."

A CUSIP number is a nine-character code that uniquely identifies a specific U.S. or Canadian stock, bond, or other security, similar to a barcode or a social-security number for a financial instrument. It matters to investors because it removes confusion between similar securities, ensures trades and settlements are applied to the correct issue, and helps locate official documents and transaction records quickly.

fractional ads financial

"No fractional new ADSs will be issued in connection with the change"

Fractional ads are advertising spaces that are divided into smaller parts and sold to multiple advertisers rather than being purchased entirely by one company. This allows businesses to share the cost and reach a broader audience without paying for full ad slots. For investors, fractional ads can indicate new ways companies generate revenue and optimize marketing spending, potentially impacting their overall profitability.

AI-generated analysis. Not financial advice.

RAMAT GAN, Israel, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CANF), a biotechnology company advancing a pipeline of proprietary small-molecule drugs targeting oncological and inflammatory diseases, announced today that following the approval of its shareholders on November 10, 2025, its Board of Directors has approved a 1-for-3,000 reverse split of the Company’s  ordinary shares. The reverse split will be recorded with the Tel-Aviv Stock Exchange  on January 2, 2026 and on January 4, 2026, the Tel-Aviv Stock Exchange will be closed. The first trading date for the newly consolidated ordinary shares on the Tel-Aviv Stock Exchange will be January 5, 2026.

The reverse split will result in each outstanding three thousand pre-split ordinary shares automatically combining into one new ordinary share, no par value, without any further action on the part of the shareholders. Concurrently with the reverse split, the Company will effect a corresponding change in the ratio of ordinary shares underlying each of the Company’s American Depositary Shares (ADSs), such that its ratio of ADSs to ordinary shares will change from one (1) ADS representing three hundred (300) ordinary shares to a new ratio of one (1) ADS representing two (2) ordinary shares and no adjustment will be made to the outstanding number of the ADSs of the Company. The ratio change will be effective on the NYSE American on January 5, 2026.

For ADS holders, the ratio change will have the same effect as a one-for-twenty ADS split. On the effective date, each ADS holder will be required to exchange every twenty (20) ADSs then held for one (1) new ADS. The Bank of New York Mellon, the depositary bank, will arrange for the exchange of the current ADSs for the new ones. The Company’s ADSs will continue to trade on the NYSE American under the symbol “CANF” with a new CUSIP Number 13471N409.

The total number of outstanding ordinary shares will be reduced on the effective date at a ratio of three thousand-for-one. The Company’s authorized number of ordinary shares will also be proportionately decreased from 42,000,000,000 to 14,000,000 ordinary shares, no par value, each as a result of the reverse split. No fractional ordinary shares will be issued as a result of the reverse split as any fractional ordinary shares resulting from the reverse split will be rounded up to the nearest whole share on a per shareholder basis.

The reverse split and ADS ratio change will not impact any shareholder’s percentage ownership of the Company or voting power, except for minimal effects resulting from the treatment of fractional shares.

No fractional new ADSs will be issued in connection with the change in the ADS ratio. Instead, fractional entitlements to new ADSs will be aggregated and sold by the depositary bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the depositary bank.

As a result of the change in the ADS ratio, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the change in the ADS ratio will be equal to or greater than twenty times the ADS price before the change. 

About Can-Fite BioPharma Ltd.

Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE: CANF) is an advanced clinical stage drug development Company with a platform technology that is designed to address multi-billion-dollar markets in the treatment of cancer, liver, and inflammatory disease. The Company’s lead drug candidate, Piclidenoson reported topline results in a Phase III trial for psoriasis and commenced a pivotal Phase III trial. Can-Fite’s liver drug, Namodenoson, is being evaluated in a Phase III trial for hepatocellular carcinoma (HCC), a Phase IIb trial for the treatment of MASH, and in a Phase IIa study in pancreatic cancer. Namodenoson has been granted Orphan Drug Designation in the U.S. and Europe and Fast Track Designation as a second line treatment for HCC by the U.S. Food and Drug Administration. Namodenoson has also shown proof of concept to potentially treat other cancers including colon, prostate, and melanoma. CF602, the Company’s third drug candidate, has shown efficacy in the treatment of erectile dysfunction. These drugs have an excellent safety profile with experience in over 1,600 patients in clinical studies to date. For more information please visit: https://www.canfite.com/.

Forward-Looking Statements

This press release may contain forward-looking statements, about Can-Fite’s expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. All statements in this communication, other than those relating to historical facts, are “forward looking statements”. Forward-looking statements can be identified by the use of forward-looking words such as “believe,” “expect,” “intend,” “plan,” “may,” “should” or “anticipate” or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to known and unknown risks, uncertainties and other factors that may cause Can-Fite’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results, performance or achievements to differ materially from those anticipated in these forward-looking statements include, among other things, our history of losses and needs for additional capital to fund our operations and our inability to obtain additional capital on acceptable terms, or at all; uncertainties of cash flows and inability to meet working capital needs; the initiation, timing, progress and results of our preclinical studies, clinical trials and other product candidate development efforts; our ability to advance our product candidates into clinical trials or to successfully complete our preclinical studies or clinical trials; our receipt of regulatory approvals for our product candidates, and the timing of other regulatory filings and approvals; the clinical development, commercialization and market acceptance of our product candidates; our ability to establish and maintain strategic partnerships and other corporate collaborations; the implementation of our business model and strategic plans for our business and product candidates; the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our ability to operate our business without infringing the intellectual property rights of others; competitive companies, technologies and our industry; risks related to any resurgence of the COVID-19 pandemic and the war between Israel and Hamas; risks related to not satisfying the continued listing requirements of NYSE American; and statements as to the impact of the political and security situation in Israel on our business. More information on these risks, uncertainties and other factors is included from time to time in the “Risk Factors” section of Can-Fite’s Annual Report on Form 20-F filed with the SEC on April 7, 2025 and other public reports filed with the SEC and in its periodic filings with the TASE. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Can-Fite undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Contact

Can-Fite BioPharma
Motti Farbstein
info@canfite.com
+972-3-9241114

FAQ

What is the effective date of Can-Fite's reverse split and ADS ratio change (CANF)?

The reverse split is recorded on TASE on Jan 2, 2026 and the ADS ratio change is effective on the NYSE American on Jan 5, 2026.

How does the 1-for-3,000 reverse split affect Can-Fite ordinary shares (CANF)?

Every 3,000 pre-split ordinary shares will combine into 1 new ordinary share; authorized shares fall to 14,000,000.

What change will Can-Fite ADS holders see for CANF ADSs?

The ADS ratio changes from 1 ADS = 300 ordinary shares to 1 ADS = 2 ordinary shares, requiring exchanging 20 old ADS for 1 new ADS.

Will Can-Fite issue fractional ordinary shares or fractional ADSs in the CANF split?

No fractional ordinary shares will be issued (rounded up per shareholder); fractional ADS entitlements will be aggregated and sold and net proceeds distributed after fees.

Will the CANF reverse split change shareholder voting percentages?

The company says the reverse split will not change percentage ownership or voting power except for minimal rounding effects from fractional share treatment.