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A point-in-time anatomy of a distressed sub-penny micro-cap holding company. Every figure traces to a sourced claim id; nothing here is investment advice.
Six reverse splits in under three years, cumulative ratio on a log scale (C-0036-C-0042). A split resets the price but creates no cash and repairs no dilution.
| # | Effective | Ratio | Cumulative | Claim |
|---|---|---|---|---|
| 1 | Aug 18, 2023 | 1-for-40 | 1-for-40 | C-0036 |
| 2 | Oct 2, 2024 | 1-for-40 | 1-for-1,600 | C-0037 |
| 3 | Mar 14/17, 2025 | 1-for-250 | 1-for-400,000 | C-0038 |
| 4 | Oct 31 / Nov 3, 2025 | 1-for-113 | 1-for-45,200,000 | C-0039 |
| 5 | Mar 6/9, 2026 | 1-for-8 | 1-for-361,600,000 | C-0040 |
| 6 | May 15/18, 2026 | 1-for-27 | 1-for-9,763,200,000 | C-0041 |
Survival depends on financing access, not cash on hand.
| Cash at YE2025 (12/31/25) | $3,198,599 | C-0027 |
| Cash at Q1'26 (3/31/26) | $268,852 | C-0092 |
| Quarterly operating burn | $4,578,712 | C-0013 |
| Monthly burn (~) | ~$1.5M | C-0013 |
| Runway | ~5.5 days | C-0120 |
One quarter, +$3.95M to -$35.2M, through the Nasdaq $2.5M minimum (C-0142, C-0131).
Footnote: the swing partly reflects a preferred-stock reclassification, not only operating losses.
0 of 3 marquee whole-company mergers have closed (C-0066).
| Target | Type | Status | Detail | Claim |
|---|---|---|---|---|
| Evofem Biosciences | Whole-company merger (women's health) | TERMINATED | Stockholders rejected 10/20/2025; ~$17M cash condition unmet | C-0099, C-0031 |
| Appili Therapeutics | Plan-of-Arrangement (antiviral) | TERMINATED | Terminated eff. 5/31/2025; ~$16M obligations eliminated; ~$1.0M break fee | C-0102, C-0002 |
| Ignite / Copley SPAC | Re-float of acquired sub via NYSE SPAC | PENDING | BCA signed 6/2026; ~$150M mark vs ~$36M paid 90 days prior; outside date ~9/30/2026 | C-0086, C-0098, C-0139 |
Qualitative outcome map for ADTX common. The distribution is bimodal and downside-skewed (C-0140). Not advice.
Nasdaq appeal lost (hearing 6/11, outcome pending) -> registered ATM/ELOC sales choke; burn unfunded
Dilution-to-zero for common; preferred and creditors rank ahead of an ~$8K equity stub
Stays Nasdaq-listed by issuing stock via ATM/ELOC to cover ~$1.5M/mo burn
Survives quarter-to-quarter; common heavily and repeatedly diluted; more reverse splits likely
Ignite/Pubco SPAC closes (~$150M) or a sub value crystallizes above the ~$69.5M preferred stack
Value could reach common only AFTER the ~$69.5M preferred liquidation preference is satisfied