Cosmos Health Implements 1-for-20 Reverse Stock Split, Keeps Authorized Shares Unchanged
Key Facts
Cosmos Health implemented a 1-for-20 reverse split of its common stock on Nov. 13, 2026, with one new share issued for every 20 shares outstanding, according to a company filing with the U.S. Securities and Exchange Commission. Under the certificate of amendment, every 20 shares convert into one new, fully paid and non-assessable share of common stock. This means the number of shares held by each shareholder changes by the same ratio, with a whole share issued in place of any fractional interest. The company kept authorized common shares at 1.5 billion and authorized preferred shares at 300 million. The filing did not state a reason for the split, so no objective related to the share price, listing requirements or reducing the public float is attributed to it.
The company’s board approved the split ratio on Oct. 27, 2026, and Cosmos Health filed the certificate of amendment on Nov. 9. The filing said the certificate would become effective on Nov. 12 at 4 p.m. local time, with the split beginning the following day. That left one day between the certificate’s effectiveness and the start of the conversion of shares. The certificate sets out the mechanics by replacing every 20 outstanding shares with one new share. It also provides for a whole share in place of a fractional share, without the available facts in the filing providing further details on how those fractions would be settled.
Keeping the authorized common share ceiling at 1.5 billion shows that the split changed the units of outstanding shares without amending the number authorized in the company’s certificate. Authorized preferred shares also remained at 300 million. These figures refer to the shares the company is entitled to issue, while the 1-for-20 ratio explains how outstanding shares are converted when the split takes effect. The effect of the transaction on a shareholder’s holdings should therefore be read in terms of the number of shares after conversion, rather than treating authorized share counts as an indication of the number of shares outstanding. The filing did not state that keeping those limits was intended to increase or reduce the share supply.
In trading, the company’s shares, which trade under the ticker COSM, closed at $3.24 on Nov. 13, according to EL7 data. Documented evidence does not provide opening, high or low prices for that day, so the session figure here is limited to the closing price. The close came on the day the reverse split began. Comparing the share price before and after the transaction alone is not enough to measure a change in an investor’s holding value, because the number of shares also changes according to the announced ratio. The cited filing does not estimate the split’s effect on market capitalization or explain the stock’s movement during the session.
Against the backdrop of the company’s performance, Cosmos Health said preliminary revenue for the nine months ended Sept. 30, 2026, was about $54.3 million, up 19% from the same period in 2025, when it reported $45.6 million. Preliminary third-quarter revenue was about $17.4 million, compared with $17.1 million in the third quarter of the previous year. The company described the quarter’s revenue as the highest for a third quarter in its history. It said the third-quarter and nine-month figures were preliminary and unaudited. The figures provide context for the company’s performance alongside the split, but appeared in a separate disclosure, and the split filing does not establish a causal link between them and the board’s decision.
These figures follow the first-half results reported in the company’s quarterly report for the six months ended June 30, 2026. Revenue was $36,914,268, compared with $28,458,230 in the same period in 2025. Net loss, meanwhile, widened to $8,891,945 from $3,646,165. The results place revenue growth in a broader financial context, as it coincided with a higher net loss in the first half. The split filing does not explain these results or link them to the change in the number of shares.
The company had previously disclosed that it received a Nasdaq notice on Nov. 6, 2024, regarding noncompliance with the minimum bid price requirement. Nasdaq then gave it 180 days to regain compliance, subject to the closing bid price reaching at least $1 per share for 10 consecutive trading days. That deadline dates to 2024, and the current split filing does not say the notice prompted the transaction implemented in November 2026. Looking ahead, Cosmos Health maintained its forecast that fiscal 2026 revenue would exceed $90 million. The company said the third-quarter and nine-month figures were preliminary and unaudited, and the forecast remains its own.