Curis, Inc. (NASDAQ:CRIS) shares surged 8.51% to $0.46 after the bell on Wednesday, after the Massachusetts-based biotechnology company confirmed its previously approved reverse stock split will take effect on Thursday.
Split Aims To Restore Nasdaq Compliance
According to Curis’s Wednesday filing with the Securities and Exchange Commission, the split becomes effective at 5:00 p.m. ET with split-adjusted trading beginning Jul. 6.
The stock will keep trading under the ticker “CRIS.”
Shareholders approved the split, ranging from 1-for-5 to 1-for-25, at a Jun. 25 special meeting, aimed at helping Curis regain compliance with Nasdaq’s $1.00 minimum bid price rule.
