InnoCan Pharma Abandons Planned US Listing

InnoCan Pharma abruptly withdraws its NYSE American listing application weeks after SEC approval, nullifying months of preparatory work including a reverse stock split.

In a surprising strategic reversal, InnoCan Pharma has officially withdrawn its application to list on the NYSE American exchange. The Canadian-Israeli pharmaceutical firm filed for the withdrawal on February 23, 2026, merely three weeks after receiving the necessary approval from the U.S. Securities and Exchange Commission (SEC). This decision nullifies months of preparatory work, including a significant reverse stock split executed specifically to meet U.S. listing requirements.

Formal Withdrawal Filed with Regulators

The company submitted a Form RW to the SEC on February 23, formally requesting the withdrawal of its registration statement. Regulatory databases show the filing was accepted by the agency the same day. This action renders the previously filed Form F-1—a mandatory document for foreign issuers seeking a U.S. public offering—obsolete.

In its reasoning, InnoCan employed standard regulatory language, stating the withdrawal was pursued "in furtherance of the public interest and the protection of investors." A critical detail noted in the filing is that no securities were sold under the withdrawn registration. The company also requested that the SEC fees already paid be credited for potential future use.

Extensive Preparations Rendered Moot

The depth of the abandoned preparations underscores the significance of this move. In August 2025, InnoCan executed a 1-for-65 reverse stock split, a measure explicitly intended to boost its share price to meet the minimum requirements for listing on American exchanges.

A timeline of events reveals how advanced the listing process had become before its abrupt termination:
* January 2, 2026: The company announces a target listing date around January 7.
* January 27, 2026: The target date is postponed to approximately January 30.
* February 2, 2026: The SEC declares the F-1 registration statement effective.
* February 23, 2026: The formal withdrawal request is filed.

The choice to abort the process so soon after securing regulatory clearance creates uncertainty regarding the firm's communicated strategic direction.

Strategic Motives Remain Unclear

To date, InnoCan has not issued a separate press release or public commentary explaining the strategic rationale behind halting the NYSE American listing. Its most recent corporate communications via standard news channels concerned the closing of a private placement and a peer-reviewed study published on February 9 in Frontiers in Veterinary Science. That research confirmed the pain-relieving efficacy of the company's LPT-CBD liposome platform in a randomized, blinded, placebo-controlled clinical trial involving dogs.

Existing Listings Unaffected, But Opportunity Cost Remains

The withdrawal does not impact the company's current exchange listings. InnoCan's shares will continue to trade on the Canadian Securities Exchange (CSE) and the Frankfurt Stock Exchange. However, the decision forfeits a potentially valuable gateway to American institutional and retail investor capital.

Questions Surround Future Financing

The reversal leaves open questions about how InnoCan intends to address its capital requirements without the proceeds from the anticipated initial public offering in the United States. The company had conducted a concurrent offering in connection with the planned NYSE listing. Its request to have the SEC fees credited for future use suggests a U.S. listing may not be permanently off the table. Nonetheless, the firm has not communicated any specific revised timeline or alternative financing plan.