InVivo Therapeutics’ (NSDQ:NVIV) recently announced 1-for-30 reverse stock split went into effect last night, and shares have taken a hit today as a result.
NVIV was down -10.2% at $6.95 per share in midday trading today.
Cambridge, Mass.–based spinal cord injury treatment developer initially announced the common stock split earlier this month, sharing that every 30 shares of NVIV would be combined into one share of the company’s common stock. The authorized shares were reduced from 500 million shares to approximately 16.7 million shares, according to a news release.
InVivo Therapeutics said it anticipates that the split will reduce its issued and outstanding shares of common stock from about 17.8 million to approximately 0.6 million.
The company added that the reverse stock split is intended to increase the per-share trading price of InVivo Therapeutics’ common stock so that it can fill the $1.00 minimum bid price required to maintain its listing on the Nasdaq market.