On August 27, 2026, Iridex Corporation received a notification of non-compliance from Nasdaq regarding the Minimum Bid Price Requirement. The company's common stock closed below $1.00 per share for 30 consecutive business days. Iridex has until February 23, 2027, to regain compliance by maintaining a closing bid price of at least $1.00 for ten consecutive business days. Failure to comply may result in delisting proceedings and potential reverse stock splits. The company operates in the medical device industry, specifically developing laser-based surgical systems.

Iridex Corporation reported second quarter fiscal 2026 financial results ending July 4, 2026. Total revenue declined 7% to $12.6 million from $13.6 million in the prior year period. Cyclo G6 product family revenue grew 19% to $3.9 million, driven by a 35% increase in probe sales volume to 17,700 units, partially offsetting a decline in retina product revenue to $6.5 million from $8.0 million due to international headwinds. The company reported a net loss of $1.3 million, or $0.07 per share, compared to a $1.0 million loss previously. Operating cash flow was positive for the quarter. Iridex reaffirmed its full-year 2026 revenue guidance of $51 million to $53 million and adjusted operating expense guidance of $19 million to $19.5 million. The company operates in the medical device industry, developing laser-based systems for treating glaucoma and retinal diseases.

Iridex Corporation's Board of Directors reported that its 2026 Annual Meeting resulted in the election of five directors, including Nick Chen, Beverly A. Huss, Patrick Mercer, William Moore, and Scott Shuda. However, the Board identified a stealth proxy campaign involving a director and a group of 17 affiliated stockholders, including Novel Inspiration International Co., Ltd., which allegedly violated fiduciary duties and federal securities laws. The investigation suggests the group coordinated to cast "withhold" votes against independent directors Huss and Shuda to influence board composition without proper SEC disclosures. Novel subsequently amended its Schedule 13D to disclose it and its affiliates own approximately 39% of common shares. The company is continuing its investigation into potential misconduct and reporting violations. Iridex is a medical technology company that develops and manufactures ophthalmic laser products.