Stocks rose on Tuesday to open at $3.01, but dropped to close at $2.65. Today, shares of NURO opened at $2.70 and fell over 6% to close at $2.43, down roughly 19% from its opening price on Tuesday.
The move was initially announced Monday, primarily enacted to increase per share trading price to satisfy the NASDAQ Capital Market’s $1.00 minimum bid price requirement, NeuroMetrix said.
As a result, every 4 shares of the Waltham, Mass.-based company’s stock was consolidated into 1 issued and outstanding share, and no fractional shares will be issued.
Shareholders who would be entitled to receive a fractional share will receive a cash payment in lieu thereof, the company said.
In August, NeuroMetrix released preliminary data from a clinical study of its Quell wearable pain relief device for patients with chronic pain.
The study found that 81% of the patients reported improvements in chronic pain levels and overall health after 60-days of using the device, NeuroMetrix said.