UPDATE: Ocugen (OCGN) – The Reverse Split Cometh

The Science Keeps Delivering, But the Cap Table Just Got More Complicated

Executive Summary: Ocugen’s preliminary proxy for the June 11, 2026 Annual Meeting just dropped, and it’s a doozy. After all the cap table chaos I’ve been writing about — the Delaware Chancery petition, the putative 33 million shares, the Section 205 hearing — management is now asking shareholders to approve a reverse stock split at a ratio between 1:2 and 1:8, alongside a CEO compensation package that requires its own letter agreement to work around the authorized share shortage. Meanwhile, the science kept its end of the bargain: the OCU410ST GARDian3 Stargardt trial completed dosing in under nine months, well ahead of schedule, and Millennium Management showed up as a new 5.2% holder.

The thesis I laid out in January remains intact. But the corporate governance shadow I flagged in March just got longer.