Lichen Sets Nov 9 EGM for 100-for-1 Reverse Split to Avoid Nasdaq Delisting
LICN sits 34% above its 52-week low of $0.705 on elevated volume (2.6× avg).
Summary
Lichen will hold an EGM on November 9, 2026 to approve a 100-for-1 reverse split effective November 19, its second reverse split in under two years, as it tries to hold its Nasdaq listing without the benefit of a compliance period.
Key Events · Corporate Governance and Compliance · LICN
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100-for-1 Reverse Split Proposed
Every 100 Class A and Class B ordinary shares of US$0.008 par value would consolidate into one share of US$0.80 par value, effective November 19, 2026, subject to shareholder approval at the November 9, 2026 EGM.
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No Nasdaq Cure Period Remains
Because Lichen effected a 200-for-1 reverse split on March 3, 2025, Nasdaq Rule 5810(c)(3)(A)(iv) denies it any compliance period; a bid below $1.00 for 30 consecutive trading days triggers a staff delisting determination, appealable only to a hearings panel.
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Authorized Capital Restated
Authorized capital moves from 20,000,000,000 Class A plus 5,000,000,000 Class B shares at US$0.008 par to 200,000,000 series A plus 50,000,000 series B shares at US$0.80 par, keeping total authorized capital at US$200,000,000.
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Vote Thresholds and Record Date
Proposal One needs a simple majority of votes cast and the charter amendment needs two-thirds; the record date is October 21, 2026, with Class B shares carrying ten votes each against one per Class A share.
Analysis · LICN · Trade & Services
Lichen is asking shareholders to approve a 100-for-1 consolidation of both share classes, effective November 19, 2026, because its Class A shares trade far below Nasdaq's $1.00 minimum bid. The critical detail is that the company already did a 200-for-1 reverse split on March 3, 2025; under Nasdaq Rule 5810(c)(3)(A)(iv) that history strips it of the usual 180-day cure period, so a 30-consecutive-day sub-$1 stretch now leads straight to a staff delisting determination, appealable only through a hearings panel. Economically, the split changes nothing — every 100 shares become one, ownership percentages hold apart from fractional rounding, and option/warrant terms adjust proportionally — but it is the company's main lever to keep the listing. Approval needs a simple majority for Proposal One and two-thirds for the related charter amendment, with a quorum of one-third of voting rights; Class B holders get ten votes per share, so insider support likely decides the outcome. Failure to hold the bid after the split would leave the stock on the OTC market, with the liquidity and institutional-interest loss the board itself describes.
How filings like this one have moved
In the 30 days to Oct 26, 2026, 36.2% of the 898 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.75%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, LICN was trading at $0.94 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $16.8M. The 52-week trading range was $0.71 to $9.49. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.