PLUS THERAPEUTICS, INC. 8-K

What Happened

• Plus Therapeutics, Inc. (PSTV) filed an 8-K reporting a reverse stock split of its common stock at a ratio of 1-for-25. The Board fixed the ratio on March 20, 2026, the company filed a Certificate of Amendment on April 1, 2026, and the Reverse Stock Split became effective at 12:01 a.m. Eastern on April 2, 2026. Trading on the Nasdaq Capital Market began on a post-split basis at the open on April 2, 2026; the trading symbol remains "PSTV."

Key Details

• Reverse split ratio: 1-for-25 (Board determination made March 20, 2026).
• Outstanding shares: reduced from approximately 171,550,698 to approximately 6,862,027.
• Authorized shares: not reduced by the amendment, so shares available for issuance increased relative to issued/outstanding shares.
• Fractional shares: no fractional shares will be issued; holders entitled to fractions will receive a cash payment equal to the fractional interest multiplied by the fair market value per share. Broadridge (transfer agent) will handle post-split book-entry shares and provide exchange instructions; street-name holders will receive broker instructions.
• Equity impact: per-share exercise prices and number of shares under outstanding equity awards and warrants will be adjusted proportionately; shares authorized/reserved under the equity incentive plan will be reduced proportionately.
• Administrative details: new CUSIP 72941H806; Certificate of Amendment filed April 1, 2026; press release issued March 31, 2026.

Why It Matters

• For existing shareholders, the reverse split reduces the number of outstanding shares and increases the per-share price proportionally, but it does not change voting rights or par value. Because authorized shares were not decreased, the company now has a larger pool of unissued shares available for future use (e.g., financing or equity grants), which can affect dilution risk.
• Operationally, holders should watch for communications from Broadridge or their brokers about how shares will be adjusted or exchanged and how any fractional-share cash payments will be handled. Adjustments to options, warrants, and plan reserves will affect the number of shares and exercise prices for outstanding awards.