ZSAN - Zosano Pharma slips as reverse stock split takes effect

Shares of Zosano Pharma (NASDAQ:ZSAN) have fallen 24.4% in morning trade on Tuesday, as the biopharmaceutical company's stock started trading on a split-adjusted basis from market open today. The company on Monday had said its board approved a 1-for-35 reverse stock split, wherein every 35 shares of the company's common stock would be automatically reclassified into 1 new share of common stock. The reverse stock split is primarily intended to bring the company into compliance with the minimum bid price requirements for maintaining its listing on the Nasdaq Capital Market. The company had previously announced a 1-for-20 reverse stock split in late January 2018. If losses hold, ZSAN stock is on track to post its eight straight session of declines.

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Zosano Pharma slips as reverse stock split takes effect