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.

See Also: As China Weakness, PC Market Downturn Take Toll On Semiconductor Sector Ahead Of Q3 Results, Analyst Recommends These Chip Stocks

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.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: Penny StocksMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!