Pulmatrix Files S-4 for Reverse Merger with Eos SENOLYTIX, Issuing 75M Shares and Proposing Reverse Split
PULM sits 55% above its 52-week low of $1.16.
Summary
Pulmatrix's S-4 details its reverse merger with Eos SENOLYTIX, issuing 75.2M shares and leaving legacy holders with 6% ownership. A reverse split and share authorization increase are proposed to meet Nasdaq listing requirements.
Key Events · M&A and Partnerships · PULM
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Merger Terms Finalized
Pulmatrix will issue 75,245,366 shares to Eos securityholders, with legacy Pulmatrix stockholders retaining approximately 6% of the combined company. The exchange ratio is estimated at 8.64 Pulmatrix shares per Eos share.
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Reverse Stock Split Proposed
A reverse stock split between 1-for-2 and 1-for-10 is proposed to meet Nasdaq's $4.00 minimum bid price requirement for the combined company's listing.
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CEO RSU Grant
Eos's CEO was granted RSUs for up to 13 million shares on July 7, 2026, vesting upon achievement of clinical milestones including IND filing and first patient enrollment.
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Backstop Financing Commitment
An Eos affiliate has committed up to $18 million in backstop financing, with a minimum cash condition of $13 million required for the merger to close.
Analysis · PULM · Life Sciences
Pulmatrix is moving forward with its reverse merger with Eos SENOLYTIX, filing the formal S-4 registration statement. The deal will issue approximately 75.2 million shares to Eos securityholders, resulting in existing Pulmatrix stockholders owning just 6% of the combined company. A reverse stock split between 1-for-2 and 1-for-10 is proposed to meet Nasdaq's $4.00 minimum bid price. The merger is a lifeline for Pulmatrix, which has a going concern warning and limited cash, while giving Eos access to public markets. The filing also reveals a 13 million share CEO RSU grant to Eos's CEO, vesting on clinical milestones, and a backstop financing commitment of up to $18 million from an Eos affiliate. Stockholders will vote on the merger, reverse split, authorized share increase, and other matters at a special meeting.
At the time of this filing, PULM was trading at $1.80 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $6.6M. The 52-week trading range was $1.16 to $6.83. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.