The Valeritas Holdings Inc. board implemented a 1-for-20 reverse stock split of its common shares effective May 20.

The Bridgewater, N.J.-based company, which develops wearable insulin delivery and real-time tracking technologies for diabetes patients, is undertaking the transaction to regain compliance with Nasdaq's $1 minimum bid price listing requirement.

Valeritas' stockholders approved the reverse stock split at the annual meeting May 16.

The company's common shares will continue to trade under the symbol VLRX.