Check-Cap initiates 1-for-12 reverse split

Check-Cap (NSDQ:CHEK) said that earlier this month it initiated a 1-for-12 reverse stock split as it looked to regain compliance with the NASDAQ stock market’s minimum bid pricing requirement.

With the move, which was effected on April 4, the Israel-based company put a single share into the hands of every shareholder for each 12 shares they held previously.

Check-Cap said that after it completed the split, it has been able to maintain a $1 or greater price share and regained compliance with NASDAQ, according to a press release.

Shares of Check-Cap have dropped 9.7% today, currently at $3.91 as of 1:00 p.m. EDT.

In January, Check-Cap said it won CE Mark approval in the European Union for its C-Scan ingestible sensor capsule designed for colorectal cancer screening.

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