Why 9 Meters Biopharma Shares Are Nosediving Today

9 Meters Biopharma Inc NMTR shares are trading lower by 13.1% to $0.18 Monday morning after the company announced a 1-for-20 reverse stock split.

What Else?

9 Meters Biopharma says the reverse stock split was previously approved by 9 Meters stockholders at the annual meeting of stockholders held on June 22, 2022, with the final ratio determined by the Company's Board of Directors.

9 Meters Biopharma says the reverse stock split is intended to bring the company into compliance with Nasdaq's minimum bid price requirement. Common stock will begin trading on a split-adjusted basis commencing upon market open on October 18.

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According to data from Benzinga Pro, 9 Meters Biopharma has a 52-week high of $1.35 and a 52-week low of $0.16.