Impact Biomedical Inc Announces Reverse Stock Split for Merger with Zoar Limited

HOUSTON, Sept. 14, 2026 /CourierPR/ -- Impact Biomedical Inc, a biopharmaceutical company, announced a 1 for 12.62 reverse stock split to facilitate the completion of its merger with Zoar Limited, formerly known as Dr Ashleys Limited. The reverse stock split, effective at 12:01 a.m. Eastern Time on September 23, 2026, will combine every 12.62 shares of the company’s issued and outstanding common stock into one new share. No fractional shares will be issued; instead, stockholders who would otherwise receive a fractional share will have their shares rounded up to the next whole share.

The merger, which is expected to result in a pharmaceutical company focused on the development and supply of Active Pharmaceutical Ingredients and intermediates for special therapeutic treatment areas, has been approved by the company’s Board of Directors. Impact Biomedical Inc’s stockholders are expected to receive one share of Zoar Limited for every one share of Impact Biomedical Inc’s common stock held immediately prior to the effective time of the merger, after giving effect to the reverse stock split.

The reverse stock split is intended to support the company’s efforts in connection with the proposed business combination transaction and its continued-listing objectives. The company’s Chief Executive Officer will have the discretion to implement a second reverse stock split of the company’s common stock at a ratio of not less than 1-for-12.48 and not more than 1-for-50. This second reverse stock split is aimed at further enhancing the company’s stock price and liquidity, although it does not guarantee that the company will satisfy applicable NYSE American continued-listing standards or obtain approval of any applicable listing application.

Impact Biomedical Inc’s stockholders will not need to take any action for the reverse stock split. The company’s transfer agent, Equiniti Trust Company, LLC, will manage the exchange. Stockholders of record who hold physical certificates will receive a letter of transmittal from Equiniti with instructions for exchanging their shares. Unless a stockholder specifically requests new paper certificates (or holds restricted shares), new shares will be issued electronically in book-entry form.

Following the reverse stock split, the total number of shares of common stock outstanding is expected to decrease from approximately 107,821,231 to 8,543,679, subject to minor adjustments due to rounding. The reverse stock split will not affect the total number of authorized shares, and all resulting shares will remain fully paid and non-assessable.

The merger is expected to be completed upon approval and closing, with Zoar Limited becoming a global pharmaceutical company focused on the development and manufacturing of active pharmaceutical ingredients, formulations, orphan drugs, and contract development and manufacturing services for pharmaceutical and biotechnology companies worldwide. Impact Biomedical Inc, known for discovering, confirming, and patenting unique science and technologies for biopharmaceuticals and consumer healthcare and wellness, will merge with Zoar Limited to form a stronger entity in the pharmaceutical industry.

The definitive information statement filed with the Securities and Exchange Commission on December 30, 2025, provides additional details about the reverse stock split. Impact Biomedical Inc’s stockholders and other interested parties can access this information at the SEC’s website, www.sec.gov.