EnteroMedics Inc.'s planned 1-for-70 reverse stock split became effective Dec. 28.
The company did not issue any fractional shares as a result of the split. Instead, fractional common shares were rounded up to the nearest whole share and fractional stock options and warrants were rounded down to the nearest whole share.
EnteroMedics implemented the share consolidation to help it meet NASDAQ's listing requirement. The company's common stock started trading on a split-adjusted basis on the NASDAQ Capital Market on Dec. 28.