Picard Medical, Inc. announced that its Board of Directors has approved a 1-for-50 reverse stock split of its issued and outstanding common stock to support continued compliance with NYSE American listing standards. The reverse stock split is expected to become effective at 5:00 p.m. Eastern Time on July 31, 2026. The company's common stock is expected to begin trading on a split-adjusted basis at the opening of trading on August 3, 2026, under the existing ticker symbol "PMI" with a new CUSIP number of 71953R 207.

Stockholder Approval and Implementation

The company's stockholders approved an amendment to the Second Amended and Restated Certificate of Incorporation at the annual meeting held on July 17, 2026. This amendment authorized a reverse stock split at a ratio in the range of 1-for-15 to 1-for-50. The Board subsequently determined to effect the reverse stock split at the maximum ratio of 1-for-50. At the effective time, every 50 issued and outstanding shares will automatically combine into one issued and outstanding share for stockholders of record as of the close of trading on July 31, 2026.

Impact on Stockholders and Securities

The reverse stock split will proportionately reduce the number of outstanding shares while leaving each stockholder's percentage ownership substantially unchanged. No fractional shares will be issued; stockholders entitled to a fractional share will have their shares rounded up to the nearest whole share. The split will also proportionately adjust the number of shares underlying outstanding equity awards, warrants, and other convertible securities, as well as applicable exercise or conversion prices.

Strategic Context

Richard Fang, Interim Chief Executive Officer and Chairman of the Board, stated that the reverse stock split is an important step in supporting the company's continued listing on NYSE American while positioning Picard Medical for its next phase of growth. The company remains focused on executing its updated commercial strategy for the SynCardia Total Artificial Heart, expanding adoption of the technology, optimizing manufacturing, and advancing the development of the Emperor next-generation total artificial heart platform. Continental Stock Transfer & Trust Company will act as the exchange agent for the reverse stock split.

Picard Medical, Inc., parent company of SynCardia Systems, LLC, announced the publication of an independent commentary in Artificial Organs examining its next-generation Emperor platform. The platform combines the Emperor Drive with the SynCardia Total Artificial Heart (STAH) and aims to advance mechanical heart replacement technology. The commentary, authored by Aakash M. Shah, M.D., reviews the history of total artificial heart development and highlights Picard Medical's recent preclinical studies as a milestone toward a fully implantable artificial heart.

The article discusses the latest series of acute large-animal implant studies evaluating the Emperor platform. As previously announced, three implant procedures were completed successfully, with the device providing stable full circulatory support, demonstrating physiologic autoregulatory behavior, and experiencing no device-related intraoperative failures. The commentary emphasizes the platform's independent dual-motor architecture, which enables independent control of the systemic and pulmonary circulations, closely replicating physiologic cardiac function without an external pneumatic driver.

Richard Fang, Ph.D., Interim Chief Executive Officer and Chairman of Picard Medical, stated that the independent commentary places the Emperor platform within the broader context of decades-long efforts to develop a practical, fully implantable artificial heart. He noted that while significant work remains, the successful acute implant studies represent an encouraging preclinical milestone. The company remains focused on engineering, preclinical, and regulatory work to advance the Emperor platform toward human clinical evaluation.

The commentary also reviews SynCardia's more than two decades of clinical experience in total artificial heart therapy, noting that the STAH remains the only commercially available total artificial heart approved in both the United States and Canada. Within Picard Medical's development program, the next-generation platform integrates the Emperor Drive, an electromechanical drive system under development, with the STAH. The design builds upon the proven pumping principles of the STAH while aiming to provide independent control of systemic and pulmonary circulations.

The article concludes that continued advances in total artificial heart technology have the potential to expand treatment options for patients with advanced biventricular heart failure who may not receive a donor heart due to ineligibility or supply shortages. The publication clarifies that the commentary is intended as a news update for its readership and does not constitute an endorsement of Picard Medical.