Cara Therapeutics (CARA) said Friday that it will implement a 1-for-12 reverse stock split, effective on Monday.
The stock will begin trading on a split-adjusted basis on Tuesday, the company said.
The reverse split is intended to enable the company to regain compliance with Nasdaq's minimum bid price requirement for continued listing, the biopharmaceutical firm said.
Shares of Cara Therapeutics were down 6.5% at $0.42 in recent premarket trading.
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