VIVUS Inc. said its shareholders approved a 1-for-10 reverse stock split of the company's stock.
The biopharmaceutical company's shares will start trading on a split-adjusted basis Sept. 11.
The stock split will reduce VIVUS outstanding shares to about 10.6 million from 106 million.
Campbell, Calif.-based VIVUS develops and commercializes therapies that focus on advancing treatments for patients with serious unmet medical needs.
"We determined that the 1-for-10 ratio would position VIVUS with the appropriate liquidity associated with listing shares on a major U.S. exchange and is critical for the continued execution of our strategic plan to return VIVUS to profitability and establish a sustainable business that creates value for stockholders and patients," VIVUS CEO John Amos said in a statement.