Here's Why MEI Pharma (MEIP) Stock Is Moving

MEI Pharma MEIP shares are trading lower by roughly 2.54% to $4.68 Monday morning, though rebounding off the session low of $4.30, after the company announced and effected a 1-for-20 reverse stock split.

The company says the reverse stock split was approved by MEI's stockholders on January 5.

The reverse split is intended to increase the per share trading price of the company's common stock to enable the company to satisfy the minimum bid price requirement for continued listing on Nasdaq.

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According to data from Benzinga Pro, MEIP has a 52-week high of $13.60 and a 52-week low of $4.00.