Nexstim said this week it pulled the trigger on a 30-to-1 reverse split of its stock as the company looks to reduce its share capital.
Through the move, each shareholder in the Helsinki, Finland-based company will receive a single share for every 30 shares they previously owned.
The shift went into effect on Monday, with the company’s share numbers reduced to approximately 3.2 million. The reduction in shares was approved by the company’s board of directors earlier this month, the company said in a press release.
In May, NexStim said that it launched its Navigated Brain Therapy transcranial magnetic stimulation system designed to treat major depressive disorder in the US, having won FDA approval for the device last November.