Key Highlights

  • Adagio Medical Holdings (NASDAQ:ADGM) lost 29.93% one day after revealing a 1-for-30 reverse split effective November 6, 2026, while CL Workshop dropped 26.49% ahead of an ADS ratio change equal to 1-for-80.
  • NewGenIvf Group Limited (NASDAQ:NIVF) declined 26.05% to USD 0.5121 after a 1-for-8 reverse split took hold on October 23, 2026, with published coverage tallying four splits in 2026.
  • Baird Medical Investment Holdings Limited (NASDAQ:BDMD) gained 20.26% after receiving a bid price deficiency letter from Nasdaq, which gives it until May 3, 2027 to regain compliance.
  • Ping An Biomedical Co., Ltd. (NASDAQ:PASW) dropped 41.98% following a USD 2.3 million Patent transaction, with a 1-for-40 reverse split announced October 21, 2026 per published coverage.

Ping An Biomedical Co., Ltd. (NASDAQ:PASW): A Split Disclosed Along With a Strategic Shift

The largest decline in this group, 41.98% to USD 1.70 during trading on November 5, 2026, according to published market data, occurred at Ping An Biomedical Co., Ltd. (NASDAQ:PASW). Published coverage from late October 2026 describes a 1-for-40 reverse split announced on October 21 and a Nasdaq bid price extension, though both appear only in headlines of that coverage rather than in the primary text reviewed. A reverse split merges every 40 shares into one and lifts the quoted price without changing company value, and it is the customary way to restore the USD 1.00 minimum bid. The stock also weakened after a November 4, 2026 announcement of a definitive deal to buy three tumor cell patents from Future Biotechnology Group Co., Limited for USD 2.3 million, with the form of payment unstated and closing pending. The company, a Cayman Islands holding entity with a clothing Supply chain business, plans a shelf of up to USD 300 million, and one Shareholder controls about 91.56% of voting power. At a Market Value near USD 5 million, quoted prices can reverse.

CL Workshop Group Limited (NASDAQ:NWGL): An ADS Ratio Change Functioning as a Reverse Split

At CL Workshop Group Limited (NASDAQ:NWGL), the ADS dropped 26.49% to about USD 0.0408 on 11.68 million units, a quote that predates the change. On November 4, 2026 the company said each American depositary share will represent 640 Class A ordinary shares rather than 8, effective November 6, 2026, subject to Nasdaq confirmation, under a new CUSIP of 63903R205. The company described this as equivalent to a one-for-80 reverse split for ADS holders. Mechanically, the depositary exchanges 80 old ADSs for one new one, so the per-ADS price rises roughly 80 times while the economic stake remains unchanged. The announcement gave no reason, but it follows a shortfall letter from Nasdaq on its bid price, disclosed in May 2026. Published coverage indicates the first compliance window ended on November 2, 2026, and whether an extension was granted has not been confirmed. After the change, the bid must hold at USD 1.00 or higher for 10 consecutive Business days under the general rule. With a market value near USD 3.14 million, Liquidity can thin further.

NewGenIvf Group Limited (NASDAQ:NIVF): Four Splits This Year and a Decline Still Underway

The 26.05% decline at NewGenIvf Group Limited (NASDAQ:NIVF), to USD 0.5121 on only about 86,140 shares, follows a 1-for-8 reverse split of Class A ordinary shares effective Friday, October 23, 2026, according to a Nasdaq corporate actions alert assigning CUSIP G0544E162. An earlier 1-for-3 split took effect on January 26, 2026, and published coverage counts four splits this year. Published reports put the November 4 close near USD 0.69, so the fall extends a slide from that level. A reverse split lifts the quoted price by the same Factor without changing market value, but repeated issuance can restart the cycle. Published coverage, not a filing reviewed here, describes a September 29, 2026 offering of roughly 17.86 million shares or pre-funded warrants at USD 0.07, for about USD 1.25 million, and that detail remains unconfirmed. Market value figures conflict across pages, near USD 633,000 on one, so the company's size is uncertain, and no Nasdaq deadline was verified. Quoted moves in a name this small can reverse.

Adagio Medical Holdings (NASDAQ:ADGM): Split Set for November 6 While Notes Weigh

The 29.93% fall at Adagio Medical Holdings (NASDAQ:ADGM), to about USD 0.0604, came a day after the company revealed a 1-for-30 reverse split, approved on October 23, 2026 and effective November 6, 2026. Published coverage suggests split-adjusted trading begins November 9, 2026, but the reason for the split and any Nasdaq deficiency were not verified. The compliance question sits next to a financing problem. In a September 23, 2026 filing the company said its 13% senior secured convertible notes would convert at the lower of the existing price or 85% of the lowest five-day volume-weighted average price through October 31, 2026, which gives noteholders more shares per dollar as the price falls. Preliminary cash was about USD 7.7 million at June 30, 2026, 25 of 43 full-time jobs were eliminated, and the board is exploring strategic alternatives. Third quarter results are expected November 11, 2026, according to published coverage. At a USD 1.66 million market value, quoted moves can reverse.

Baird Medical Investment Holdings Limited (NASDAQ:BDMD): A Shortfall Letter and an Extended Window to Fix It

The 20.26% rise at Baird Medical Investment Holdings Limited (NASDAQ:BDMD), to USD 0.1312 on about 108.64 million shares, came one day after the company disclosed a Nasdaq letter dated November 2, 2026 under Listing Rule 5550(a)(2), because its bid had remained below USD 1.00 for 30 consecutive business days. The notice has no immediate effect on trading. The company has 180 calendar days, through May 3, 2027, to close at or above USD 1.00 for ten consecutive business days, and a second 180-day period may be open if it satisfies other listing standards and gives written notice of its intent to cure. Management said it is weighing various options, and the notice did not reference a reverse split, which no one has confirmed. A separate November 4, 2026 statement said the company knew of no undisclosed reason for the share price decline. At USD 0.1312, a cure without a split would require a gain of more than sevenfold, simple arithmetic on published numbers. With a market value near USD 4.2 million, quoted moves can reverse.

Where Things Stand

These five show that Listing Rules shape trading before any split takes effect, and the weight of evidence is cautious: a reverse split resets the quote but not the business, and these names also carry dilution, funding or pivot risks. Ping An Biomedical Co., Ltd. (NASDAQ:PASW) and NewGenIvf have pending or repeated actions. CL Workshop Group Limited (NASDAQ:NWGL) relies on an ADS ratio change. Adagio Medical has a convertible note formula. A bounce at Baird Medical does not cure the deficiency. Nothing here implies a continued fall or a recovery. Upcoming markers are the first post-change sessions, Nasdaq letters, the November 11, 2026 Adagio results and any compliance plan at Baird Medical Investment Holdings Limited (NASDAQ:BDMD).