LUNAI BIOWORKS, INC. ANNOUNCES REVERSE STOCK SPLIT

About this update from Lunai Bioworks Inc.

SACRAMENTO, Calif., May 20, 2026 /PRNewswire/ -- Lunai Bioworks, Inc. (Nasdaq: LNAI) (the "Company") today announced that it will effect a reverse stock split of its issued and outstanding common stock, par value $0.0001 per share (the "Common Stock"), at a ratio of 1-for-8 (the "Reverse Stock Split"). The Reverse Stock Split is expected to become effective at 12:01 a.m. Eastern Time on May 22, 2026, and the Company's Common Stock is expected to begin trading on a split-adjusted basis on The Nasdaq Capital Market at the opening of trading on May 22, 2026, under the existing trading symbol "LNAI." The Company's Common Stock will trade under a new CUSIP number, 29350E302 following the effectiveness of the Reverse Stock Split. At the Company's Special Meeting of Stockholders held on May 8, 2026, the Company's stockholders approved a proposal authorizing the Company's Board of Directors to amend the Company's Certificate of Incorporation to effect a reverse stock split of the Common Stock at a ratio in the range of 1-for-3 to 1-for-30, inclusive, with the exact ratio to be determined by the Board in its sole discretion and publicly announced prior to the effective time of the Reverse Stock Split. The Board of Directors subsequently approved the final 1-for-8 Reverse Stock Split ratio. The Reverse Stock Split is intended primarily to increase the market price per share of the Company's Common Stock to assist the Company in regaining compliance with Nasdaq Listing Rule 5550(a)(2), which requires a minimum bid price of at least $1.00 per share for continued listing on The Nasdaq Capital Market. The Company previously effected a 1-for-10 reverse stock split on September 30, 2025. As a result of the Reverse Stock Split, every 8 shares of issued and outstanding Common Stock will automatically be combined into one issued and outstanding share of Common Stock. The Reverse Stock Split will not change the par value of the Common Stock or the number of authorized shares of Common Stock. The Reverse Stock Split will reduce the number of issued and outstanding shares of Common Stock from approximately 36,271,119 shares to approximately 4,533,890 shares, subject to adjustment for the treatment of fractional shares. No fractional shares will be issued in connection with the Reverse Stock Split. Any fra...

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