Adial Pharmaceuticals (NASDAQ: ADIL) enacts 1-for-25 reverse stock split to aid listing

Rhea-AI Filing Summary

Adial Pharmaceuticals, Inc. is implementing a 1-for-25 reverse stock split of its common stock, reducing outstanding shares from approximately 27.8 million to approximately 1.1 million. The amendment to the Certificate of Incorporation becomes legally effective at 11:59 p.m. Eastern Time on February 5, 2026.

The common stock will begin trading on a split-adjusted basis on the Nasdaq Capital Market on February 6, 2026, continuing under the symbol “ADIL”, with a new CUSIP of 00688A304. Fractional shares will not be issued; instead, stockholders will receive a cash payment based on the average closing price over the ten trading days before the effective time.

The company states that the primary purpose of the reverse split is to raise the per-share trading price to support continued listing on the Nasdaq Capital Market, which requires a minimum bid price of at least $1.00 per share, while noting there is no assurance the split will achieve this for the required period.

Insights

Equity Capital Markets Analyst

Adial consolidates shares 1-for-25 mainly to support Nasdaq listing.

Adial Pharmaceuticals is effecting a 1-for-25 reverse stock split, cutting outstanding common shares from approximately 27.8 million to about 1.1 million. Proportional adjustments will apply to equity awards and warrants, keeping holders’ relative economic interests broadly aligned on a per-ownership basis.

The company explicitly links the action to Nasdaq Capital Market rules that require a minimum bid price of at least $1.00 per share. By increasing the per-share price through a reverse split rather than changing fundamentals, the move targets compliance and a potentially broader investor base, as described.

The filing notes there is no assurance the higher bid price will persist for the required period, so the practical impact will depend on post-split trading once shares begin split-adjusted trading on February 6, 2026. Investors can also reference the accompanying press release and certificate amendment exhibits for additional procedural detail.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): February 3, 2026

Adial Pharmaceuticals, Inc.

(Exact name of registrant as specified in charter)

Delaware

(State or other jurisdiction of incorporation)

001-38323		82-3074668
(Commission File Number)		(IRS Employer Identification No.)

4870 Sadler Road, Ste 300

Glen Allen, VA 23060

(Address of principal executive offices and zip code)

(804) 487-8196

(Registrant’s telephone number including area code)

(Former Name and Former Address)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbols		Name of each exchange on which registered
Common Stock		ADIL		The Nasdaq Stock Market LLC ((Nasdaq Capital Market)

Indicate by check mark whether the registrant is an emerging growth company as defined in in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3.03. Material Modification to Rights of Security Holders.

To the extent required by Item 3.03 of Form 8-K, the information regarding the Reverse Stock Split (as defined below) contained in Item 5.03 of this Current Report on Form 8-K is incorporated by reference herein.

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

On August 1, 2025, the stockholders of Adial Pharmaceuticals, Inc., a Delaware corporation (the “Company”), approved a proposal at the Company’s 2025 annual meeting of stockholders (the “Annual Meeting”) to amend the Company’s Certificate of Incorporation, as amended (the “Certificate of Incorporation”), to effect a reverse stock split of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a ratio between 1-for-2 to 1-for-25, with the ratio within such range to be determined at the discretion of the Company’s Board of Directors (the “Board”), without reducing the authorized number of shares of Common Stock. Following the Annual Meeting, the Board approved a final split ratio of 1-for-25 (the “Reverse Stock Split”). Following such approval, on February 4, 2026, the Company filed an amendment to the Certificate of Incorporation (the “Amendment”) with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, with a legally effective time of 11:59 p.m. Eastern Time on February 5, 2026 (the “Effective Time”). The Common Stock will begin trading on a split-adjusted basis when the Nasdaq Capital Market opens on February 6, 2026

No fractional shares will be issued in connection with the Reverse Stock Split. In lieu of fractional shares, any person who would otherwise be entitled to a fractional share of Common Stock as a result of the reclassification and combination following the Effective Time of the Reverse Stock Split (after taking into account all fractional shares of Common Stock otherwise issuable to such holder) shall be entitled to receive from the Company’s paying agent, VStock Transfer, LLC, a cash payment equal to the number of shares of the Common Stock held by such stockholder before the Reverse Stock Split that would otherwise have been exchanged for such fractional share interest multiplied by the average closing sales price of the Common Stock as reported on the Nasdaq Capital Market for the ten days preceding the Effective Time.

The Reverse Stock Split will reduce the number of outstanding shares of Common Stock from approximately 27.8 million shares to approximately 1.1 million shares. Proportional adjustments will be made to the number of shares of Common Stock issuable upon exercise or conversion of the Company’s outstanding equity awards and warrants, as well as the applicable exercise price.

After the Reverse Stock Split, the trading symbol on the Nasdaq Capital Market for the Common Stock will continue to be “ADIL.” The new CUSIP number for the Common Stock following the Reverse Stock Split will be 00688A304.

The description of the Amendment set forth above does not purport to be complete and is qualified in its entirety by the full text of the Amendment, a copy of which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.

Item 8.01. Other Events.

The primary purpose of the 1-for-25 Reverse Stock Split is to raise the per-share trading price of the Common Stock to allow for its continued listing on the Nasdaq Capital Market, among other benefits, including making the bid price more attractive to a broader group of institutional and retail investors. The Nasdaq Capital Market requires, among other things, that for listing a company’s common stock maintain a minimum bid price of at least $1.00 per share. However, there can be no assurance that the Reverse Stock Split will have the desired effect of sufficiently raising the bid price of the Common Stock for the required period.

In addition, on February 3, 2026, the Company issued a press release relating to the Reverse Stock Split described in this Current Report on Form 8-K. A copy of the press release is attached as Exhibit 99.1 to this report and is incorporated herein by reference.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
3.1		Certificate of Amendment to Certificate of Incorporation of Adial Pharmaceuticals, Inc.
99.1		Press Release dated February 3, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: February 4, 2026	ADIAL PHARMACEUTICALS, INC.
	By:	/s/ Cary J. Claiborne
	Name:	Cary J. Claiborne
	Title:	President and Chief Executive Officer

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FAQ

What reverse stock split did Adial Pharmaceuticals (ADIL) approve?

Adial Pharmaceuticals approved and is implementing a 1-for-25 reverse stock split of its common stock. This reclassifies every 25 existing shares into one share, significantly reducing the share count while keeping overall company ownership proportionally aligned among stockholders.

When will the Adial (ADIL) reverse stock split become effective and start trading?

The reverse stock split becomes legally effective at 11:59 p.m. Eastern Time on February 5, 2026. Adial’s common stock will begin trading on a split-adjusted basis on the Nasdaq Capital Market when the market opens on February 6, 2026.

How many Adial Pharmaceuticals (ADIL) shares will be outstanding after the reverse split?

Following the 1-for-25 reverse stock split, Adial expects its outstanding common stock to decline from approximately 27.8 million shares to approximately 1.1 million shares. Proportional adjustments will also be made to shares underlying existing equity awards and warrants.

How will Adial Pharmaceuticals (ADIL) handle fractional shares in the reverse split?

Adial will not issue fractional shares in the reverse stock split. Instead, stockholders otherwise entitled to fractional shares will receive a cash payment from VStock Transfer, LLC, based on the number of pre-split shares and the average closing price over the ten trading days before effectiveness.

Why is Adial Pharmaceuticals (ADIL) doing a 1-for-25 reverse split?

Adial states the primary purpose of the 1-for-25 reverse stock split is to raise its per-share trading price to support continued listing on the Nasdaq Capital Market, which requires a minimum bid price of at least $1.00 per share, among other potential benefits.

Will Adial Pharmaceuticals (ADIL) change its ticker or CUSIP after the reverse split?

After the reverse stock split, Adial’s common stock will continue trading on the Nasdaq Capital Market under the ticker symbol “ADIL.” However, the company’s common stock will have a new CUSIP number, which will change to 00688A304 following the effectiveness of the split.