OSR Health Says It Received a Nasdaq Delisting Determination; Suspension Set for August 26, With No Automatic Stay From a Hearing Request

by Jonas Halvorsen · August 19, 2026

Companies Reporter, The MicroCap Herald

OSR Health, Inc. said Wednesday afternoon that it had received a staff delisting determination from Nasdaq's Listing Qualifications Department. In a release datelined Bellevue, Washington and issued at 3:50 p.m. Eastern time on August 19, the company said its common stock, which trades under the symbol OSRH, and its warrants, which trade under OSRHW, "will be suspended from trading on The Nasdaq Capital Market at the opening of business on August 26, 2026." August 26 is a Wednesday. The company said it intends to request a hearing before the Nasdaq Independent Hearings Panel under the exchange's Listing Rule 5800 Series. A determination has been issued; no suspension has yet taken effect and no delisting has been effected.

The deficiency at issue is the $1.00 minimum bid price requirement of Nasdaq Listing Rule 5550(a)(2). According to the company's own account, the clock started on September 5, 2025, when Nasdaq notified what was then OSR Holdings, Inc. that its closing bid price had fallen short of the standard. A release dated September 9, 2025 confirmed the September 5 notice date and put the initial compliance deadline at March 4, 2026. The company did not cure by that date and was granted a second 180-day period running through August 31, 2026.

The mechanical detail that matters most in Wednesday's release is the one that is easiest to miss, and it comes from the company, not from this desk's reading of the rulebook. OSR Health stated: "Because the Company utilized the second 180-day compliance period under Nasdaq rules, a timely hearing request will not automatically stay the trading suspension." The release did not say whether the company will ask the Panel for a discretionary stay, and it did not say what would happen to the August 26 date if it did. The desk could not confirm from any document it fetched what relief, if any, the Panel is able to grant before that date, and makes no assertion about it here.

What makes the timing unusual is what happened in the two sessions immediately before the determination. All of the trading figures below are the company's own, as stated in its release. OSR Health said approximately 370 million shares traded on Monday, August 17, which it said ranked first in most active share volume across all of Nasdaq, and approximately 145 million shares on Tuesday, August 18, which it ranked third. It put OSRH's public float at approximately 18.5 million shares. Taken at face value, and on the company's own rounded figures, Monday's reported volume works out to roughly twenty times the stated public float in a single session. The desk has not independently verified the volume or float figures. Public float is not the same as shares outstanding: the most recent count the desk could reach, from the Form 10-Q discussed below, was 35,104,995 shares outstanding as of May 10, 2026.

That trading was not enough to cure the deficiency. OSR Health said the stock reached an intraday high of $0.84 on August 18, sixteen cents below the $1.00 threshold. Nasdaq's minimum bid price standard is measured on closing bid price over a run of consecutive business days rather than on intraday prints, so a single intraday high does not by itself begin a cure; the company did not claim otherwise, and the release did not describe any path by which the standard would have been met before the second compliance period ended on August 31.

Chief Executive Kuk Hyoun "Peter" Hwang was quoted in the release as saying: "The market spoke with extraordinary conviction on August 17 and 18. 370 million shares traded in a single day against an 18.5 million share float. We came within sixteen cents of compliance. We are requesting a Panel hearing because we believe the facts support our case, and because our shareholders, who have demonstrated their conviction in this Company so clearly, deserve nothing less than our full effort to fight for continued listing. Whatever the outcome of that process, our commitment to our shareholders does not change." The release did not identify the buyers, did not attribute the volume to any specific catalyst, and did not describe any transaction that would raise the share price.

Separately, and without asserting any connection to the volume, the company has a Shareholder Loyalty CVR Program with a record date of August 14, 2026 — the last trading day before the two heavy sessions. In a clarification issued August 7, 2026, OSR Health corrected language in a July 31 release that could have been read as Nasdaq approval of that program, saying Nasdaq's earlier communication was "a preliminary, verbal indication limited to the technical question of whether the program would result in a mechanical adjustment to the price of OSRH common stock," and that "Nasdaq has not expressed any definitive opinion regarding the program." Wednesday's delisting release did not mention the program.

Eight days before the determination, on August 11, OSR Health published a shareholder letter in which Hwang said Nasdaq was expected to communicate its determination regarding continued listing by August 18 if the stock had not regained the $1.00 minimum bid price as of the market close. That letter described two subsidiaries as having received inbound inquiries about potential out-licensing, with one at what it called "the preliminary term sheet negotiation phase" and the other "in early stage." Neither counterparty was named and no economics were disclosed. Hwang also wrote: "This has undoubtedly been one of the most difficult years in our Company's history, particularly because of the pressure on our share price."

The company has previously argued that its share price reflects factors other than fundamentals. In the September 2025 release announcing the original deficiency notice, OSR Holdings pointed to SEC fails-to-deliver data showing what it characterized as elevated settlement imbalances during periods of trading volatility, said it had concerns about trading in its shares that it believed may not align with business fundamentals, and said it planned to monitor trading activity and engage with regulators while evaluating options to address what it described as unusual trading dynamics. Hwang's quoted comment in that release was about operations: "Our focus remains firmly on advancing our scientific programs and creating long-term value for our stakeholders." The desk found no disclosure of any enforcement action or litigation arising from the company's trading assertions.

On the balance sheet, the most recent figures the desk could reach are from the Form 10-Q for the quarterly period ended March 31, 2026, filed with the SEC under the registrant name OSR Holdings, Inc. That filing reported cash and cash equivalents of $1,566,701 at March 31, 2026, a net loss of $3,467,174 for the three months then ended, and an accumulated deficit of $40,101,342, with 35,104,995 shares of common stock outstanding as of the May 10, 2026 cover date. These are figures as of March 31, 2026, not a current cash position; the desk could not reach a more recent filing, and no second-quarter report was available to it. On those figures the quarterly net loss was more than twice the cash balance at the same date. Net loss is not the same as cash used in operations, and the desk is not representing it as a burn rate. The filing contained no going concern statement.

OSR Health describes itself as a healthcare holding company, and its shares are listed on the Nasdaq Capital Market. The company changed its name from OSR Holdings, Inc. during 2026 and retained the OSRH ticker; the March 2026 quarterly report was still filed under the OSR Holdings name.

The risks here are concrete rather than hypothetical. If the suspension takes effect on August 26 as scheduled, both the common stock and the warrants would come off Nasdaq quotation before the Panel has ruled, and there is no assurance that any hearing produces an exception, an extension or a stay. The company did not say in Wednesday's release where its securities would trade following a suspension, and it has not stated whether quotation would continue on any over-the-counter venue. On the company's own figures, a public float of approximately 18.5 million shares against reported single-session volume of approximately 370 million is a liquidity profile in which prices can move sharply in both directions on small absolute dollar flows. And the March 31, 2026 cash balance of about $1.6 million against a quarterly net loss of about $3.5 million points to a need for financing that, if raised through the sale of equity or equity-linked securities, would dilute existing holders; the desk has not seen any announced financing, and cannot quantify the dilution because no share count, price or instrument has been disclosed. The out-licensing discussions the company has flagged are, by its own description, preliminary and unsigned.

No hearing date has been disclosed. OSR Health said it intends to request one; as of Wednesday evening the desk had seen no report that the request had been filed, and the release did not identify what plan of compliance the company would present to the Panel. A reverse split is the customary remedy for a bid-price deficiency, but this company has publicly rejected that route: in May 2026 it ruled one out, with Hwang quoted as saying "We believe reverse splits do not create shareholder value. They are structural maneuvers that leave business fundamentals unchanged." It has not announced a reverse split since, has not called a meeting to authorize one, and did not reference one in Wednesday's statement.