Catabasis Pharmaceuticals Inc. said its shares will start trading on the Nasdaq Global Market on a 1-for-10 reverse split-adjusted basis on Dec. 31 under the symbol CATB.
The majority shareholders of the company approved the reverse stock split on Dec. 12 and authorized the board to select a ratio for the split ranging from 1-for-5 to 1-for-15.
The Catabasis board approved the reverse stock split on Dec. 19 to help the company maintain its listing on the Nasdaq Global Market by complying with the exchange's minimum bid price requirement.
The action reduces the number of the company's outstanding common shares to about 7.1 million from about 71 million.
Cambridge, Mass.-based Catabasis is developing a treatment for Duchenne muscular dystrophy.