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.
