Two Nasdaq listing outcomes on Thursday: SINTX clears its equity deficiency, Liminatus gets until September 3

by Imogen Farrow · August 13, 2026

Listings Reporter, The MicroCap Herald

Two Nasdaq-listed micro-caps disclosed listing-status news on Thursday, and between them they cover most of the ladder a deficient company can find itself on. SINTX Technologies said Nasdaq had confirmed it back in compliance with the stockholders' equity requirement, closing the matter. Liminatus Pharma said it had transferred from the Nasdaq Global Market to the Nasdaq Capital Market and been granted additional time by a Nasdaq Hearings Panel to fix a minimum bid price deficiency. One company cured a test; the other bought a short, defined window.

SINTX, which trades on Nasdaq under the ticker SINT, announced that the Listing Qualifications staff confirmed compliance with Listing Rule 5550(b)(1), which requires a minimum of $2.5 million in stockholders' equity, according to the company's release as reported by Investing.com. Stockholders' equity stood at approximately $4.83 million as of June 30, 2026. Chief executive Eric K. Olson said the company was pleased to have resolved the matter and to have Nasdaq confirm compliance with the minimum stockholders' equity requirement.

The starting point was considerably tighter. TipRanks reported that SINTX received the deficiency notification on May 22, 2026, after reporting approximately $904,000 in stockholders' equity as of March 31, 2026 — roughly a third of the required minimum — with a July 6, 2026 deadline to submit a compliance plan and the possibility of up to 180 days from the notice date to regain compliance. Getting from $904,000 to $4.83 million in a single quarter is not something an operating business at this scale does out of profits.

The company's Form 10-Q, filed August 11, 2026 and summarized by StockTitan, shows where the equity came from: a June 2026 private placement raising $4.5 million in gross proceeds, plus $1.3 million of at-the-market offering proceeds with $5.1 million of ATM capacity remaining. Second-quarter revenue was $452,000 against $151,000 a year earlier, a 199 percent increase off a very small base, while the net loss for the six months ended June 30 widened to $5.5 million from $4.6 million. Shares outstanding were 6,664,534 as of August 5, 2026.

Curing the equity test did not cure the underlying condition. Cash and cash equivalents were $3.6 million at June 30, 2026, and the same 10-Q states that "management has concluded that substantial doubt remains regarding the Company's ability to continue as a going concern for a period of at least 12 months from the date these condensed consolidated financial statements are issued." Stockholders' equity is a point-in-time measurement; a company burning several million dollars a year with $3.6 million of cash can fall back below $2.5 million of equity in a matter of quarters unless it raises again — and raising again at this size means further dilution of a 6.7 million share base.

Liminatus Pharma's disclosure sits further down the ladder. The pre-clinical oncology company, which trades under LIMN, said its common stock transferred from the Nasdaq Global Market to the Nasdaq Capital Market effective August 4, 2026, and that a Nasdaq Hearings Panel granted it additional time to regain compliance with the minimum bid price requirement, with a deadline of September 3, 2026. Chief financial officer Scott Dam said: "We are pleased to have completed the transfer to the Nasdaq Capital Market and appreciate the Panel providing the Company additional time to demonstrate compliance with the minimum bid price requirement. Maintaining our Nasdaq listing remains an important priority as we continue executing on our corporate and clinical development strategy." The release did not disclose a reverse stock split ratio or a specific remediation mechanism.

The mechanics are worth spelling out because the tier transfer is the whole point. Under Nasdaq's bid price rules as summarized by Cooley's PubCo blog, a company whose stock closes below $1.00 for 30 consecutive business days gets 180 calendar days from notification to cure. Companies listed on, or transferring to, the Nasdaq Capital Market may qualify for a second 180-day period if they notify Nasdaq of an intention to cure, typically via a reverse split. Cooley notes that under the prior framework a company could trade while non-compliant for more than 360 days and in some cases up to 540 days once a Hearings Panel appeal was included, and that a rule change approved in early 2025 removed the automatic stay for companies that have already exhausted a second 180-day period, suspending their securities to the over-the-counter market while the appeal proceeds. The same summary notes that a company that has effected a reverse split within the prior two years at a cumulative ratio of 250-to-1 or greater is ineligible for a compliance period and receives an immediate delisting determination.

Against that framework, three weeks is a very short leash, and the price arithmetic is unforgiving. RTTNews reported on Thursday morning that LIMN's previous close was $0.10, down 2.69 percent, with a 52-week range of $0.09 to $4.85, and that the stock jumped about 55 percent to $0.16 in pre-market trading on the announcement. StockTitan's market data showed the shares around $0.12 during Thursday's session, up roughly 10.5 percent on volume more than ten times average, in a day range of $0.11 to $0.12. WallStreetZen listed 44,877,633 shares outstanding and a one-year decline of 98.93 percent. Regaining compliance normally requires a closing bid of at least $1.00 for a minimum of ten consecutive business days; from roughly $0.12, that is an eight-fold move, which in practice means a reverse split executed and settled inside the window or a delisting determination.

For contrast, the ordinary path looks like Eightco Holdings, which trades on the Nasdaq Capital Market under ORBS. In a Form 8-K accepted by the SEC on August 7, 2026, Eightco disclosed that Nasdaq cited it for failing to maintain a $1.00 minimum closing bid price over 30 consecutive business days from June 23, 2026 to August 4, 2026, and gave it 180 calendar days — until February 1, 2027 — to regain compliance by trading at or above $1.00 for a minimum of ten consecutive business days, with a further 180-day extension potentially available if other listing standards are met. The filing also notes that any reverse split must be completed no later than ten business days before the compliance period expires. That is roughly six months of runway versus Liminatus's three weeks.

A reverse split is a remedy for a listing rule, not for a business. It changes the denominator and nothing else: the aggregate value of a holding is unchanged the moment it takes effect, and warrants, options and convertible instruments are proportionately adjusted so that strikes rise by the same ratio. What it does change is the comparability of every historical figure. Any pre-split share count, share price or warrant exercise price is on a different basis from the post-split equivalent, and mixing the two produces nonsense — a recurring hazard in coverage of companies like these.

The practical risks for holders of both names are concrete. SINTX has cleared the equity test but carries a going-concern conclusion, $3.6 million of cash and remaining ATM capacity that, if used, issues new shares into a 6.7 million share base. Liminatus faces a September 3 deadline on a bid price it cannot plausibly reach organically, trades near ten cents with a 52-week high above $4.80, and would move to the over-the-counter market if a delisting determination is issued and not successfully appealed — a venue with materially thinner liquidity and wider spreads. Neither situation is a view on either security; both are timelines that readers can check against the companies' own filings.