By Dean Seal
Shares of Theratechnologies are trading lower after the company completed a one-for-four reverse stock split to consolidate its outstanding shares and regain compliance with Nasdaq listing requirements.
The stock is down 12% at $2.08 in midday trading on Monday. Shares have fallen more than 41% since the start of the year.
The dual-listed Canadian biopharmaceutical company said before the bell that it received approvals from the Toronto Stock Exchange and Nasdaq Stock Market for the consolidation, which didn’t require shareholder approval.
Theratechnologies said in March that it had received a letter from Nasdaq staff advising them that the company wasn’t in compliance with listing requirements because its shares had closed below $1 for 30 consecutive business days.
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