Key Highlights

  • CL Workshop Group (NASDAQ:NWGL) was quoted at USD 0.0466 per ADS in premarket trading on November 5, 2026, down 16.0%, per the premarket quote.
  • On November 4, 2026 the company said each ADS will represent 640 Class A ordinary shares instead of 8, effective November 6, 2026.
  • For ADS holders the change equals a one-for-80 reverse split, while the underlying ordinary shares are not issued, cancelled or altered.
  • Nasdaq had set a compliance deadline of November 2, 2026 after the ADS closed below USD 1.00 for 30 consecutive Business days.

ADS Ratio Change Announced November 4

CL Workshop Group, the forestry company behind the Nature Wood Brand of logs, decking, flooring and sawn timber, announced on November 4, 2026 that it will change the ratio of its American Depositary Shares to Class A ordinary shares. Each ADS currently represents 8 Class A ordinary shares and will represent 640 from the market open on November 6, 2026, subject to Nasdaq confirmation. The ADSs will keep trading on the Nasdaq Capital Market under the symbol NWGL on a split-adjusted basis with a new CUSIP of 63903R205. Holders in the Depository Trust Company or the Direct Registration System need take no action. Shares of CL Workshop Group (NASDAQ:NWGL) are quoted lower in premarket trading on November 5, 2026.

Why the Company Is Resetting the ADS

The step follows a Nasdaq deficiency letter dated May 6, 2026. Nasdaq said the closing bid price of the ADSs had been below the USD 1.00 minimum required by Listing Rule 5550(a)(2) for 30 consecutive business days, from March 24, 2026 through May 5, 2026. The notice had no immediate effect on the listing and gave a 180-calendar-day compliance period ending November 2, 2026. A company may qualify for a second 180-day period if it meets other listing standards and commits to cure the deficiency, including through a reverse split or a change in the ADS ratio. Whether such an extension was granted was not confirmed in the filings reviewed. The mechanism is simple: an ADS ratio change cuts the number of ADSs and lifts the price per ADS by the same factor, so an ADS quoted at USD 0.0466 would be restated by a Factor of 80 with no change in the value of a holding. Fractional ADSs will not be issued, and fractional entitlements will be paid in cash, net of taxes, fees and expenses.

Risks and What to Watch

Curing the price test normally needs a closing bid of at least USD 1.00 for 10 consecutive business days after the reset, and prices of ADSs that are reset from sub-penny levels often drift lower again if the business does not improve. This is a nano-cap name: a small number of trades can move the price, spreads can be wide and quoted moves can reverse, so the premarket drop should not be read as a trend. The company is a timber seller with a global sales network and has not tied the move to any event. Holders should watch Nasdaq confirmation of the November 6 effective date, the first split-adjusted prices and any further listing notice.

Where Things Stand

The 16.0% premarket drop at CL Workshop Group (NASDAQ:NWGL) most plausibly reflects reaction to the ADS reset, since the company has not linked the move to any specific event. Resets of this kind are a listing-compliance step and do not change the value of a holding on their own. The balance of evidence is a nano-cap forestry company working to keep its Nasdaq listing after a price deficiency that began in March 2026. The next catalysts are the effective date of November 6, 2026 and the first split-adjusted trading prices.