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ReShape plans reverse stock split to regain Nasdaq compliance

ReShape Lifesciences Inc. said it received a noncompliance notice from Nasdaq for failing to meet the minimum bid price requirement.

The closing bid price of the San Clemente, Calif.-based medical device maker's listed securities failed to reach the minimum $1.00 per share for the past 30 consecutive business days.

ReShape has 180 days to regain compliance, and intends to propose a reverse stock split at a ratio between 1-for-8 and 1-for-15 at its May 23 annual meeting.

ReShare develops devices that use neuroblocking technology to treat obesity, metabolic diseases and other gastrointestinal disorders.