Tenax Therapeutics Inc. implemented a 1-for-20 reverse split of its common shares to regain compliance with the Nasdaq Capital Market's minimum $1 bid price listing rule.
The Morrisville, N.C.-based specialty pharmaceutical's common stock will trade on a split-adjusted basis starting Feb. 26.
The split will reduce Tenax's outstanding common shares to about 1.4 million from 28.2 million.
Tenax noted that there is no assurance that the split will increase its bid price. The company has until March 12 to regain compliance with Nasdaq's listing requirements.