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EnteroMedics retires debt as part of NASDAQ re-compliance plan

EnteroMedics Inc. converted $18.8 million worth of debt into company shares as part of a plan to regain compliance with NASDAQ's listing requirements.

The company converted senior amortizing notes to ensure it had at least $2.5 million worth of stockholders' equity.

EnteroMedics also recently implemented a reverse stock split to enable it to comply with another Nasdaq rule which requires the company to have a $1 minimum bid price for at least 10 consecutive trading days.

The company will appear before a Nasdaq panel on Jan. 12, 2017, to appeal its notice of delisting due to its failure to satisfy the two listing requirements.