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EnteroMedics shares to undergo 1-for-70 reverse stock split

EnteroMedics Inc. is undertaking a 1-for-70 reverse stock split that will come into effect Dec. 28.

The share consolidation will help the company meet NASDAQ's listing requirement. The company's shares need to trade above at least $1 apiece to maintain the listing.

EnteroMedics is also converting the entirety of its $18.8 million senior amortizing notes into company shares on Dec. 27.