Shares of WORK Medical Technology Group (WOK) plunged 24.5% to $0.06 on June 16 after the Hangzhou-based medical device maker announced yet another 1-for-100 reverse stock split, effective June 18. For a company whose entire stock market value has shriveled to roughly $73,000 — less than a midrange SUV — the move underscores a desperate fight to remain listed on Nasdaq.

  • This Is the Third 100-to-1 Reverse Split Since October 2025. The company executed its first 100-for-1 share consolidation in October 2025 , followed by an identical reverse split effective December 29, 2025, explicitly to maintain compliance with Nasdaq's minimum $1.00 bid-price rule . Now, with the stock back in penny territory, management is pulling the same lever a third time. Each round has failed to hold the price above $1.00 for long, meaning the underlying business has continuously lost value between splits.

  • The Numbers Tell a Grim Story. As of June 12, Yahoo Finance pegged the market cap at just $91,870, with trailing revenue of $9.85 million, a profit margin of -10.89%, and levered free cash flow of -$5.52 million . Since its IPO in August 2024 at a $58 million valuation, the market cap has cratered by more than 97% . The company is burning cash while generating almost no investor return.

  • Nasdaq Delisting Risk Remains the Core Threat. WORK Medical has received multiple deficiency notices, compliance extensions, and even a delisting determination letter from Nasdaq . Nasdaq rules require a minimum bid price of $1.00 per share . A reverse split artificially inflates the price by reducing the share count — it doesn't add a single dollar of real value. At $0.06, post-split shares would theoretically open around $6.00, but history shows the price has quickly eroded back below $1.00 each time.

  • Speculative Trading, Not Fundamentals, Is Driving Volume. Trading volume recently hit 169 million shares — dwarfing the 1.22 million shares outstanding — on a company worth under $200,000 . That kind of turnover signals pure speculation. With $9.8 million in trailing revenue, a 23.8% gross margin, and net losses of $1.1 million , there is almost no fundamental anchor for the stock price.

The pattern is clear: split, spike, slide, repeat. Until WORK Medical demonstrates it can sustain profitability or meaningful revenue growth, each reverse split simply resets the clock on the next compliance crisis.