Jaguar Health Receives Nasdaq Delisting Notice Due to Publicly Held Shares Deficiency After Reverse Stock Split

San Francisco, CA, May 4, 2026 — Jaguar Health, Inc. (Nasdaq: JAGX), a pharmaceutical company focused on developing plant-based, non-opioid prescription medicines, announced today that it has received a written notice from the Listing Qualifications Department staff of The Nasdaq Stock Market LLC (“Nasdaq”) regarding a significant continued listing deficiency. This development could have substantial implications for current and prospective shareholders as it introduces increased uncertainty about the company’s ongoing eligibility to remain listed on the Nasdaq Capital Market.

Key Points from the SEC Filing

• Delisting Notice Received: On May 1, 2026, Jaguar Health received a formal notification from Nasdaq staff indicating that the company no longer meets the minimum requirement for publicly held shares following a recent 1-for-35 reverse stock split of its common stock.
• Publicly Held Shares Deficiency: The company now has approximately 401,226 publicly held shares post-split, falling short of the Nasdaq’s minimum requirement of 500,000 publicly held shares (Nasdaq Listing Rule 5550(a)(4)).
• Reverse Stock Split: The deficiency arose after the company implemented a 1-for-35 reverse split of its issued and outstanding common shares on April 30, 2026. The split was likely intended to help regain compliance with the minimum \$1.00 bid price requirement, but it inadvertently triggered a shortfall in the minimum number of publicly held shares.
• Potential Delisting: This shortfall serves as an additional basis for Nasdaq to delist the company’s securities. The matter will now be considered by the Nasdaq Hearings Panel, which will decide whether Jaguar Health can retain its listing.
• Company Response Deadline: Jaguar Health is required to present its views and a plan to remedy the deficiency to the Nasdaq Panel in writing no later than May 8, 2026.
• Multiple Compliance Issues: The company is also noted to be non-compliant with the minimum \$1 bid price rule. Both the bid price and publicly held share deficiencies must be rectified for the company to regain full compliance.
• Uncertainty for Shareholders: If Jaguar Health fails to meet the requirements, its shares could be delisted from Nasdaq, which would likely have a material negative impact on liquidity, trading volume, and possibly the value of the company’s shares.
• Forward-Looking Statement Acknowledgement: Management stated that the company is diligently working to satisfy the requirements but cautioned that there can be no assurance of success. Investors should note that forward-looking statements involve risks and uncertainties and may not be achieved as planned.

What Shareholders Need to Know

• This is a material event: The Nasdaq delisting notice and the company’s deficiency in publicly held shares are both significant and price-sensitive. If Jaguar Health cannot resolve the issue, its stock will be delisted from Nasdaq, moving it to an over-the-counter market, which historically results in lower trading liquidity, higher volatility, and increased risk for shareholders.
• Reverse Split Risk: While reverse splits can help with compliance on minimum bid price rules, they can also reduce the number of shareholders and shares outstanding, sometimes triggering new listing deficiencies as seen here.
• Time-Sensitive Remediation: The company must respond to Nasdaq by May 8, 2026, with a plan to regain compliance. There is a short window for corrective action, and success is not guaranteed.
• Multiple Hurdles: Even if Jaguar Health cures the public float deficiency, it must also maintain a closing bid price of at least \$1.00 for 10 consecutive business days (unless Nasdaq grants a discretionary extension).

Potential Impact on Share Price

This announcement is highly material and may result in increased volatility or downward pressure on JAGX shares. The threat of delisting, combined with ongoing compliance challenges, can weigh heavily on investor sentiment and may prompt current shareholders to reassess their positions.

Company Statement

“The Company is diligently working to timely satisfy the requirements set in the Notice; however, there can be no assurance that the Company will be able to do so. In the event that the Company is unable to meet such requirements, the Company will be subject to delisting from Nasdaq.”

Next Steps for Investors

• Monitor Jaguar Health’s filings and press releases closely for updates before and after the May 8, 2026, deadline.
• Understand the risks associated with a potential Nasdaq delisting, especially regarding liquidity and price discovery.
• Consider the implications of possible further dilution, corporate actions, or restructuring as the company attempts to regain compliance.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult their financial advisors before making investment decisions. Forward-looking statements in this article are based on information available as of the date of publication and are subject to risks and uncertainties, including those described in Jaguar Health’s filings with the SEC. The company assumes no obligation to update forward-looking statements.

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