IceCure Medical Announces 1-for-30 Reverse Share Split to Support Nasdaq Compliance
Rhea-AI Summary
IceCure Medical (NASDAQ: ICCM) approved a 1-for-30 reverse share split of its ordinary shares to support regaining compliance with Nasdaq’s $1.00 minimum bid price requirement. Shares will begin trading on a split-adjusted basis on June 4, 2026 under the same ticker.
The reverse split, approved at a May 11, 2026 shareholder meeting, will reduce issued and outstanding shares from 84,201,034 to approximately 2,806,701, with no change to authorized share capital of 2.5 billion shares. Fractional shares will be rounded to the nearest whole share, and proportional adjustments will apply to options, warrants and equity plans.
AI-generated analysis. Not financial advice.
Positive
- Reverse split 1-for-30 aims to support Nasdaq $1.00 bid compliance
- Outstanding shares reduced from 84,201,034 to about 2,806,701
- Shareholders’ percentage ownership unchanged aside from fractional rounding
- Proportional adjustments made to options, warrants and equity awards
- Listing on Nasdaq Capital Market maintained with ticker ICCM post-split
Negative
- Company is currently not in compliance with Nasdaq $1.00 bid requirement
- Deadline to cure Nasdaq bid-price non-compliance is November 9, 2026
- Reverse split may affect liquidity due to lower share count
Market Reaction – ICCM
Following this news, ICCM has declined 27.65%, reflecting a significant negative market reaction. Our momentum scanner has triggered 27 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $0.15. This price movement has removed approximately $5M from the company's valuation. Trading volume is exceptionally heavy at 20.1x the average, suggesting significant selling pressure.
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Key Figures
Market Reality Check
Peers on Argus
ICCM was down 8.17% with heavy volume, while key medical-device peers mostly showed smaller declines: LUNG -2.75%, VNRX -1.12%, APYX -1.00%, TELA -1.21%, and BDMD +0.68%. The sharper move and reverse split news point to a stock-specific driver rather than a broad sector rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 19 | Clinical data update | Positive | +3.6% | Strong ProSense® kidney and breast cryoablation outcomes presented at ECIO 2026. |
| May 13 | Nasdaq compliance extension | Positive | +1.7% | Nasdaq granted 180-day extension to regain $1.00 minimum bid compliance. |
| May 12 | Earnings release | Positive | +0.0% | Q1 2026 revenue and gross profit grew on stronger North American sales. |
| May 06 | Earnings date notice | Neutral | -6.6% | Announcement of timing for Q1 2026 financial and operating results call. |
| Apr 21 | Commercial update | Positive | -3.3% | SBI 2026 participation with >30% U.S. ProSense® revenue growth and FDA clearance context. |
Recent news has often been fundamentally positive, yet price reactions were modest and sometimes negative, suggesting a pattern where upbeat clinical and commercial updates do not consistently translate into sustained upside.
Over the last few months, ICCM reported multiple positive developments. Clinical data on ProSense® showed high recurrence-free rates in kidney cancer and strong cosmetic outcomes in breast indications, with a 3.64% gain on May 19, 2026. Nasdaq granted a bid-price extension to November 9, 2026, and Q1 2026 revenue grew to $911,000. Despite this, shares sometimes fell on ostensibly positive updates, such as SBI 2026 participation and U.S. revenue growth, underscoring investor caution that frames today’s reverse split to address listing compliance.
Regulatory & Risk Context
The company has an effective Form F-3/A shelf registration filed on March 20, 2026, allowing issuance of up to $100,000,000 of ordinary shares, warrants or units. This shelf has been used via at-the-market offerings under recent 424B5 prospectus supplements dated March 27, 2026 and May 12, 2026.
Market Pulse Summary
This announcement details a 1-for-30 reverse share split intended to help ICCM regain compliance with Nasdaq’s $1.00 minimum bid requirement by the November 9, 2026 deadline. The split reduces outstanding shares from 84,201,034 to roughly 2,806,701 without changing authorized capital of 2,500,000,000 shares. It follows months of clinical and commercial updates and comes alongside an effective Form F-3/A shelf registering up to $100,000,000 of potential securities issuance.
Key Terms
cusip financial
warrants financial
AI-generated analysis. Not financial advice.
Proactive Step to Regain Nasdaq Compliance as Part of the Company's Broader Capital Markets Strategy
The primary purpose of the Reverse Share Split is to increase the per-share trading price of the Company's Ordinary Shares to regain compliance with the
The Reverse Share Split was approved by the Company's shareholders at the Company's Special General Meeting of Shareholders held on May 11, 2026, to be effected at the board of directors' discretion within approved parameters, and the board of directors has approved the 1-for-30 ratio. The Reverse Share Split will not result in an adjustment to the authorized share capital of the Company under the Company's amended and restated articles of association, as currently in effect (the "Articles"), which, as of the date hereof consists of 2,500,000,000 Ordinary Shares.
The Reverse Share Split will affect all shareholders uniformly and will not alter any shareholder's percentage ownership interest in the Company's equity, except for minor changes to the treatment of fractional shares as described below. The Reverse Share Split will adjust the number of issued and outstanding Ordinary Shares of the Company from 84,201,034 Ordinary Shares to approximately 2,806,701 Ordinary Shares (subject to any further adjustments based on the treatment of fractional shares). In accordance with the Company's Articles, no fractional Ordinary Shares will be issued as a result of the Reverse Share Split and all fractional Ordinary Shares shall be rounded to the nearest whole Ordinary Share, as applicable, such that only shareholders holding fractional consolidated Ordinary Shares of more than half of the number of Ordinary Shares which consolidation constitutes one whole Ordinary Share, shall be entitled to receive one consolidated Ordinary Share, as applicable. Proportional adjustments also will be made to Ordinary Shares underlying outstanding options and warrants (with a reciprocal increase in the per share exercise price), restricted shares, restricted share units, and to the number of Ordinary Shares issued and issuable under the Company's share incentive plans and certain existing agreements.
VStock Transfer, the Company's transfer agent, will send instructions to shareholders of record who hold share certificates regarding the exchange of certificates for Ordinary Shares. Shareholders who hold their Ordinary Shares in book-entry form or in brokerage accounts or "street name" are not required to take any action to effect the exchange of their Ordinary Shares following the Reverse Share Split.
About IceCure Medical Ltd.
IceCure Medical (NASDAQ: ICCM) develops and markets advanced liquid-nitrogen-based cryoablation therapy systems for the destruction of tumors (benign and cancerous) by freezing, with the primary focus areas being breast, kidney, bone and lung cancer. Its minimally invasive technology is a safe and effective option to surgical tumor removal that is easily performed in a relatively short procedure. The Company's flagship ProSense® system is marketed and sold worldwide for the indications cleared and approved to date including in the U.S., Europe and Asia.
Forward-Looking Statements Disclaimer
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. For example, we are using forward-looking statements when we discuss the effective date for the Reverse Share Split and the date that trading of the Ordinary Shares will begin on a split-adjusted basis. Historical results of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials will suggest identical or even similar conclusions. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among others: the Company's planned level of revenues and capital expenditures; the Company's available cash and its ability to obtain additional funding; the Company's ability to market and sell its products; legal and regulatory developments in the United States and other countries; the Company's ability to maintain its relationships with suppliers, distributors and other partners; the Company's ability to maintain or protect the validity of its patents and other intellectual property; the Company's ability to expose and educate medical professionals about its products; political, economic and military instability in the Middle East, specifically in Israel; as well as those factors set forth in the Risk Factors section of the Company's Annual Report on Form 20-F for the year ended December 31, 2025 filed with the SEC on March 17, 2026, and other documents filed with or furnished to the SEC which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Relations Contact
Email: investors@icecure-medical.com
Michael Polyviou
Phone: 732-232-6914
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SOURCE IceCure Medical