Recent Updates — ADGM

Adagio Medical Holdings issued 4,978,869 shares of common stock upon the conversion of $776,111 in aggregate principal amount of its 13% Senior Secured Convertible Notes. This transaction occurred between September 25 and October 1, 2026, following an Alternate Conversion Election that lowered the conversion price to rates ranging from $0.1265 to $0.1618 per share. The issuance was exempt from registration under Section 3(a)(9) of the Securities Act as it involved an exchange with existing noteholders without additional consideration. Adagio Medical Holdings operates in the medical device industry, focusing on minimally invasive treatments for pelvic organ prolapse.

Adagio Medical Holdings announced a strategic review process on September 23, 2026, to explore alternatives such as an acquisition or merger. The company is reducing its workforce by 25 of 43 employees, incurring approximately $1.3 million in severance and related costs. Concurrently, the company lowered the conversion price for its 13% Senior Secured Convertible Notes effective September 23, 2026, to enhance liquidity during the review period. As of June 30, 2026, the company held approximately $7.7 million in cash and investments. Adagio Medical Holdings is a medical device company focused on developing and commercializing catheter ablation technologies for cardiac arrhythmias.

Adagio Medical Holdings, Inc. received a deficiency letter from Nasdaq on August 13, 2026, for failing to meet the minimum stockholders' equity requirement of $2.5 million under Listing Rule 5550(b)(1). The company reported negative stockholders' equity of $(415,000) as of June 30, 2026, and lacks alternative quantitative standards for continued listing. Nasdaq has provided a 45-day compliance period ending September 28, 2026, to submit a plan to regain compliance, with potential for an additional 180-day extension if the plan is accepted. The company intends to monitor its equity position and evaluate options to restore compliance while addressing liquidity concerns. Adagio Medical Holdings operates in the medical device industry, developing minimally invasive treatments for cardiovascular disease.

Adagio Medical Holdings reported a net loss of $6.7 million, or $(0.30) per share, for the quarter ended June 30, 2026, compared to a $3.9 million loss in the prior year period. Cash and cash equivalents stood at $7.7 million as of June 30, 2026. The company announced pivotal results from its 209-patient FULCRUM-VT trial, demonstrating an 84% freedom from ICD shock at six months and a promising safety profile with only 2.4% major adverse events. Adagio also submitted a Premarket Approval application to the FDA for its vCLAS Ventricular Ablation System and treated the first patient in Europe using its next-generation vCLAS Ultra catheter under Expanded Access authorization. The company operates in the medical device industry, developing and commercializing catheter ablation technologies for cardiac arrhythmias.