Larkspur Health Acquisition Corp.

This is a second downgrade in venue, not a first: the company had already fallen from a national exchange to OTCQB, and OTC Pink Limited sits below that, reserved for issuers not meeting OTCQB's minimum bid price and reporting standards. For anyone holding the former LSPR securities it means thinner quotes, wider spreads, loss of many broker platforms and exclusion from most institutional mandates. There is no trust or floor left, so the venue itself is now the main determinant of whether a position can be exited.

Executives cutting their own pay and a board openly weighing the sale of both lead assets is a company in liquidity distress, not one optimising costs. The most consequential item is the possibility of going dark under Rule 12h-3 — suspending Exchange Act reporting would leave holders of the former LSPR equity with no audited financials, no periodic disclosure and a security that most brokers cannot quote. Eight days later the stock dropped from OTCQB to OTC Pink Limited.

Two separate warrant approvals on one ballot, layered on top of a November 2024 inducement that already repriced existing warrants, describe a company refinancing the same instruments repeatedly - each round issuing new warrants to persuade holders to exercise old ones. With a going-concern qualification and no trust remaining from the Larkspur SPAC, that cycle is the only funding available, and each turn deepens the dilution.

A 1-for-35 reverse split in December 2023 followed by successive warrant issuance votes in March 2025 and again that June describes a company cycling between compression and dilution roughly every quarter. Each Nasdaq 20% approval permanently lifts a protection that exists for exactly this situation. With no trust remaining from the Larkspur SPAC and a going-concern qualification on the accounts, holders have no floor beneath the cycle.

This is the first in a sequence of at least four warrant-issuance votes ZyVersa would put to holders between October 2024 and June 2025, each covering a new series - A-1, B-1, then A-2 and A-3. Every approval lifts the Nasdaq 20% protection for another tranche, and the December 2023 1-for-35 split shows the base being compressed between rounds. No trust or floor remains from the Larkspur SPAC.

Transferring the listing to the Nasdaq Capital Market on February 29, 2024 and then seeking reverse split authority is the standard sequence for an issuer buying more time on a minimum bid price deficiency: the Capital Market tier grants a second 180-day compliance period the Global Market does not. With only 7,594,863 shares outstanding the company has already been compressed once, so a further split points to continued price decline. The board argues a higher price would improve trading volume and facilitate future financings, which is an explicit signal that dilutive issuance is planned.

What changed: ZyVersa Therapeutics, Inc., the Larkspur Health Acquisition Corp. successor, reported under Item 8.01 that effective July 16, 2026 its common stock ceased trading on the OTCQB Venture Market and commenced trading on the OTC Pink Limited Market. The cover page confirms the stock is now quoted on OTC Pink Limited. No other events, financial figures or remediation steps are disclosed in the report, which is signed by Chief Executive Officer Stephen Glover. Why it matters: This is a second downgrade in venue, not a first: the company had already fallen from a national exchange to OTCQB, and OTC Pink Limited sits below that, reserved for issuers not meeting OTCQB's minimum bid price and reporting standards. For anyone holding the former LSPR securities it means thinner quotes, wider spreads, loss of many broker platforms and exclusion from most institutional mandates. There is no trust or floor left, so the venue itself is now the main determinant of whether a position can be exited.

What changed: ZyVersa Therapeutics, the Larkspur Health Acquisition Corp. successor, reported that on July 8, 2026 independent director Min Chul Park resigned from the board and its compensation and nominating committees for personal reasons, with no disagreement. It also disclosed cost-cutting while it seeks capital: CEO Stephen Glover and CFO Peter Wolfe each voluntarily took reduced pay given limited cash. Measures under consideration include selling the VAR 200 or IC 100 product candidates, cutting headcount, and possibly going dark by suspending Exchange Act reporting under Rule 12h-3. Why it matters: Executives cutting their own pay and a board openly weighing the sale of both lead assets is a company in liquidity distress, not one optimising costs. The most consequential item is the possibility of going dark under Rule 12h-3 — suspending Exchange Act reporting would leave holders of the former LSPR equity with no audited financials, no periodic disclosure and a security that most brokers cannot quote. Eight days later the stock dropped from OTCQB to OTC Pink Limited.