ReShape Lifesciences Inc. said Nasdaq has determined to delist the company's shares from the stock exchange Dec. 31.

The decision is based on ReShape Lifesciences' failure to regain compliance with the exchange's $1 minimum bid price requirement.

The San Clemente, Calif.-based medical device company also failed to inform the exchange of its intent to list additional shares, another listing requirement.

ReShape Lifesciences stocks will now trade on the OTC Markets under the symbol RSLS.