Key Highlights

  • About 85% was erased from Karyopharm Therapeutics (NASDAQ:KPTI) on November 2, 2026, with published market data showing a quote of USD 0.0983, after the company filed voluntary Chapter 11 petitions in the Southern District of Texas.
  • The prepackaged plan gives no distribution to common or Convertible Preferred holders, and the company says in its 8-K that it expects existing Equity to have no value, a complete loss for those holders.
  • Karyopharm (NASDAQ:KPTI) has commitments for up to USD 55 million of debtor-in-possession financing from existing secured lenders, subject to court approval, and expects the Ayrmid Ltd. Merger to close in the first quarter of 2027.
  • A forbearance with noteholders, first dated September 10, 2026, was extended on October 22 to 11:59 p.m. ET on November 1, 2026, and the filing came the next morning.

What the November 2 Filing Says

Karyopharm Therapeutics (NASDAQ:KPTI) filed an 8-K at 9:21 a.m. ET on November 2, 2026, disclosing a Restructuring Support Agreement with lenders, noteholders and other stakeholders. The agreement provides for a merger between Ayrmid Ltd. and a reorganized Karyopharm, carried out through Chapter 11 plan. Published market data showed the shares at USD 0.0983, down 85.16%, which implies a prior close near USD 0.66, simple arithmetic on two published numbers. The company says it will keep operating in the ordinary course and advance its multiple myeloma and myelofibrosis programs. The 8-K and the company release do not disclose Debt amounts or Ayrmid deal terms.

How a Prepackaged Plan Treats Shareholders

In a Chapter 11 case, claims are paid in order of priority: secured lenders first, then other creditors, and shareholders last. A prepackaged plan is negotiated before the filing, so creditors vote on a settled structure. Here the company states that holders of common stock and Convertible Preferred Stock receive no distribution and warns that trading during the cases is highly speculative and may bear little relation to any eventual recovery. Ayrmid is described as lead bidder in a court-supervised sale process, which means other parties can submit competing proposals once the court approves bidding procedures. The debtor-in-possession Loan of up to USD 55 million, if approved, would fund operations while the cases proceed.

Delisting Risk and What to Watch

The company lists the expected delisting of its common stock from the Nasdaq Global Select Market as a risk, though it has not confirmed a date. Watch the first-day hearing, the bidding procedures order, any competing bids, and the first quarter of 2027 closing target. For traders, a sub-dollar quote after a Bankruptcy filing means wide spreads, thin depth and sharp swings, and a quoted move can reverse. Any remaining shares may carry no value under the plan as filed, so a low price is not evidence of a bargain.

Where Things Stand

Yes, the 85% plunge looks consistent with the filing, because Karyopharm Therapeutics (NASDAQ:KPTI) told holders its plan leaves common equity with no distribution and expects the stock to have no value. The wider picture is a lender-led sale in which Ayrmid is the lead bidder and the debtor-in-possession loan of up to USD 55 million bridges operations. The next tests are court approval of bidding procedures, any rival offers and the expected delisting from Nasdaq. Equity holders should read the plan documents closely.