Check-Cap (NSDQ:CHEK) said that earlier this month it initiated a 1-for-12 reverse stock split as it looked to regain compliance with the NASDAQ stock market’s minimum bid pricing requirement.
With the move, which was effected on April 4, the Israel-based company put a single share into the hands of every shareholder for each 12 shares they held previously.
Check-Cap said that after it completed the split, it has been able to maintain a $1 or greater price share and regained compliance with NASDAQ, according to a press release.
Shares of Check-Cap have dropped 9.7% today, currently at $3.91 as of 1:00 p.m. EDT.
In January, Check-Cap said it won CE Mark approval in the European Union for its C-Scan ingestible sensor capsule designed for colorectal cancer screening.