Investors were paid cash for any resulting fractional shares, while options, restricted stock units and warrants were rounded to the next whole unit, Lexington, Mass.-based GI Dynamics said.
GID’s stock has been under considerable pressure in recent months after a string of negative reports, sliding from A64¢ a share June 20, 2014, to A14¢ April 2. GID shares closed at A$1.40 apiece following the reverse split.
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The stock was hit hard in October on news that European regulators had halted shipment of the company’s lead product, EndoBarrier. Shipments of the obesity treatment resumed in December after the product’s labeling was modified to include certain prescribing restrictions.
Last month, GI Dynamics shares plunged 50% on news the FDA had placed a hold on enrollment in a EndoBarrier clinical trial after 4 of the study’s 325 patients developed liver infections.