Immunic (NASDAQ: IMUX) shifts to Nasdaq Capital Market amid bid rule

Rhea-AI Filing Summary

Immunic, Inc. is moving its common stock listing from the Nasdaq Global Select Market to the Nasdaq Capital Market, effective at the opening of business on January 7, 2026, while continuing to trade under the symbol IMUX.

The company previously fell out of compliance with Nasdaq’s $1.00 minimum bid price rule and did not regain compliance by the initial December 24, 2025 deadline, triggering this transfer request. With Nasdaq’s approval, Immunic now has an additional 180 days, until June 22, 2026, for its common stock to maintain a minimum $1.00 bid price for at least 10 consecutive business days to regain compliance. As a condition of this extension, Immunic has notified Nasdaq that it will seek to implement a reverse stock split, if needed, and faces potential delisting if compliance is not achieved and any subsequent appeal is unsuccessful.

Positive

• None.

Negative

• Delisting risk highlighted: Immunic failed to regain compliance with Nasdaq’s $1.00 minimum bid price rule by December 24, 2025 and now faces potential delisting if it cannot achieve at least $1.00 for 10 consecutive business days by June 22, 2026, even after transferring to the Nasdaq Capital Market and potentially implementing a reverse stock split.

Insights

Equity market structure analyst

Immunic gains more time on Nasdaq but faces delisting risk.

Immunic, Inc. is transferring its listing from the Nasdaq Global Select Market to the Nasdaq Capital Market after failing to meet the $1.00 minimum bid price requirement by December 24, 2025. The move keeps the shares on a Nasdaq market but under a tier with different quantitative standards, while the trading symbol IMUX remains unchanged.

Nasdaq’s approval grants Immunic a further 180-day grace period, until June 22, 2026, to have its common stock close at or above $1.00 for at least 10 consecutive business days. This explicitly ties continued listing to share price performance over that window, and the company indicates it will seek a reverse stock split, if necessary, to help regain compliance with the bid price rule.

If Immunic does not re-establish compliance by June 22, 2026, Nasdaq may move to delist the common stock, with any continued listing dependent on the outcome of a potential appeal to a Nasdaq Listing Qualifications Panel. The filing outlines no financial metrics, focusing instead on listing status mechanics and the conditional nature of the company’s plan to remain on Nasdaq.

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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): January 5, 2026

IMMUNIC, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-36201	56-2358443
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1200 Avenue of the Americas, Suite 200

New York, NY 10036

USA

(Address of principal executive offices)

Registrant’s telephone number, including area code: (332) 255-9818

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the 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 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 Symbol(s)	Name of exchange on which registered
Common Stock, par value $0.0001	IMUX	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined 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 (§ 240.12b2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark 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. Yes ☐ No ☐

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. 

On January 5, 2026, Immunic, Inc. (the “Company”) received approval (the “Approval”) from the Nasdaq Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company’s application to transfer the listing of its common stock from the Nasdaq Global Select Market to the Nasdaq Capital Market has been approved. The common stock will be transferred to the Nasdaq Capital Market at the opening of business on January 7, 2026. The common stock will continue to trade under the symbol “IMUX.” The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Select Market, and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements.

As previously disclosed, on June 27, 2025, the Company received a letter from Nasdaq indicating that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1) because the closing bid price per share for the Company’s common stock had closed below $1.00 for the previous 30 consecutive business days (the “Bid Price Rule”). The Company was given a 180-day grace period, until December 24, 2025, to regain compliance with the rule.

The Company had not regained compliance with the Bid Price Rule by December 24, 2025. Therefore, the Company filed an application to transfer the listing of its common stock from the Nasdaq Global Select Market to the Nasdaq Capital Market. As a result of the Approval, the Company has been granted an additional 180-day grace period, or until June 22, 2026, to regain compliance with the Bid Price Rule. To regain compliance with the Bid Price Rule and qualify for continued listing on the Nasdaq Capital Market, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least 10 consecutive business days on or prior to June 22, 2026. If the Company fails to regain compliance during the additional compliance period, then Nasdaq will notify the Company of its determination to delist the Company’s common stock, at which point the Company would have an opportunity to appeal the delisting determination to a Nasdaq Listing Qualifications Panel (the “Panel”), but there can be no assurance that the Panel would grant the Company’s request for continued listing. As a condition of the Approval imposed by Nasdaq Listing Rule 5810(c)(3)(a)(i), the Company notified Nasdaq that it would seek to implement a reverse stock split, if necessary, to regain compliance with the Bid Price Rule.

SIGNATURES

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

Dated: January 6, 2026	Immunic, Inc.
	By:	/s/ Daniel Vitt
		Daniel Vitt
		Chief Executive Officer

FAQ

What did Immunic, Inc. (IMUX) announce about its Nasdaq listing?

Immunic, Inc. disclosed that Nasdaq approved its application to transfer the listing of its common stock from the Nasdaq Global Select Market to the Nasdaq Capital Market. The transfer is scheduled to be effective at the opening of business on January 7, 2026, and the stock will continue to trade under the symbol IMUX.

Why is Immunic (IMUX) moving from the Nasdaq Global Select Market to the Nasdaq Capital Market?

The change in market tier follows Nasdaq’s earlier notice that Immunic was not in compliance with Nasdaq Listing Rule 5450(a)(1) because its common stock’s closing bid price stayed below $1.00 for 30 consecutive business days. After failing to regain compliance by the December 24, 2025 deadline, Immunic applied to transfer to the Nasdaq Capital Market to obtain additional time to meet the minimum bid price requirement.

How much extra time does Immunic have to fix its bid price issue?

With Nasdaq’s approval of the market transfer, Immunic has been granted an additional 180-day grace period, until June 22, 2026, to regain compliance with the minimum bid price rule. To do so, the company’s common stock must have a minimum bid price of at least $1.00 for at least 10 consecutive business days on or before that date.

What happens if Immunic’s stock does not reach $1.00 by June 22, 2026?

If Immunic does not regain compliance with the bid price rule by June 22, 2026, Nasdaq will notify the company of its determination to delist the common stock. Immunic would then have an opportunity to appeal the delisting determination to a Nasdaq Listing Qualifications Panel, but the company notes there is no assurance that the Panel would grant its request for continued listing.

Will Immunic (IMUX) change its ticker symbol or exchange after the transfer?

No. The filing states that Immunic’s common stock will continue to trade under the ticker symbol IMUX. The only change is the market tier within Nasdaq, from the Nasdaq Global Select Market to the Nasdaq Capital Market.

Is Immunic planning a reverse stock split to regain Nasdaq compliance?

As a condition of Nasdaq’s approval under Nasdaq Listing Rule 5810(c)(3)(a)(i), Immunic notified Nasdaq that it would seek to implement a reverse stock split, if necessary, to regain compliance with the $1.00 minimum bid price rule. The filing does not specify timing or terms, only that the company will pursue this step if needed.