Business

mass. movers

Zalicus uses reverse split to stay on Nasdaq

Zalicus stock first fell below $1 in September 2012.
Associated Press/File 2012
Zalicus stock first fell below $1 in September 2012.

Zalicus Inc., suffering for a year with a stock price below the minimum required for listing on the Nasdaq, enacted a 6-for-1 reverse split to help it get back in compliance. That cuts the number of shares from 147.5 million to 24.6. Zalicus now expects to meet the $1 minimum for the Nasdaq Capital Market. The reverse split comes less than a week after Zalicus rose more than 30 percent after the FDA granted “orphan” status for its experimental pill to treat shingles pain.

Advertisement