Key Highlights

  • Shares of Adagio Medical Holdings (NASDAQ:ADGM) dropped 29.93% to roughly USD 0.0604 during trading on November 5, 2026, according to published market data, one day after the reverse split was announced.
  • A 1-for-30 reverse split becomes effective November 6, 2026, following approval from stockholders and the board on October 23, 2026, merging each block of 30 shares into a single share.
  • A filing dated September 23, 2026 eliminated 25 of 43 full-time positions at an estimated cash cost near USD 1.3 million, while the board weighs strategic alternatives.
  • Unaudited, preliminary cash and marketable holdings were roughly USD 7.7 million at June 30, 2026, weighed against 13% secured convertible Debt with a floating conversion price.

Reverse Split Follows a Strategic Review

On November 4, 2026, Adagio Medical Holdings (NASDAQ:ADGM) disclosed an amendment putting a 1-for-30 Reverse Stock Split into effect, a step that directors and shareholders had approved on October 23, 2026. Each group of 30 common shares collapses into one, cash replaces fractional entitlements, and option grants, RSUs and warrants are scaled accordingly. The split takes hold November 6, 2026, and published coverage suggests split-adjusted trading on Nasdaq begins November 9, 2026. During the session on November 5, 2026, the share price slid 29.93% to about USD 0.0604, leaving a market Capitalization of roughly USD 1.66 million, according to published market data. This followed a September 23, 2026 board decision to start a formal look at strategic options.

Cash, Notes and How Dilution Works

A reverse split leaves underlying value untouched. It trims the share count and lifts the quoted price, typically so a listing can meet minimum bid rules. The bigger problem is funding. A September 23, 2026 8-K told holders of its senior secured convertible paper bearing 13% interest that through October 31, 2026, conversion would occur at whichever was lower: the prevailing price or 85% of the minimum five-day average, weighted by volume. As the shares decline, that structure delivers more shares for each dollar converted, which increases Supply and adds downward pressure. The same disclosure showed unaudited preliminary Liquidity of about USD 7.7 million at June 30, 2026, spanning cash and marketable investments, along with a reduction of 25 out of 43 employees.

Clinical Milestones and Hazards Ahead

The clinical picture remains intact on paper. A premarket approval filing for vCLAS cryoablation hardware was sent to the FDA on May 21, 2026, with pivotal findings from the FULCRUM-VT study, which enrolled 209 patients at 20 sites, where 84% of patients had no shock and 59% had no return of ventricular tachycardia. A successor device entered its IDE trial on September 16, 2026. Financing is the binding constraint. Quarterly results should arrive November 11, 2026, according to published coverage. At this size, a handful of trades can swing the price, spreads may be wide and quoted moves can flip direction. Names that go through reverse splits frequently move sideways or lower once the adjustment takes hold, and nothing in this article suggests that either the slide or a recovery will hold.

Where Things Stand

The 29.93% drop in Adagio Medical Holdings (NASDAQ:ADGM) points to a financing squeeze, not a clinical setback. The reverse split, a conversion formula that resets lower when shares decline, limited cash and an open-ended strategic review leave holders with little visibility. Core value still rests on the regulatory review of vCLAS and the FULCRUM-VT trial data. Investors should monitor the split-adjusted opening, results due November 11, 2026, any conversions by note holders and whether a deal is announced.