Tandem Diabetes Care (NSDQ:TNDM) shareholders have approved a 1-for-10 reverse stock split, the company said earlier this week, which took effect today.
In a statement filed with the SEC in July, the San Diego, Calif.-based company told shareholders that it believed a reverse stock split would help Tandem keep its common stock listed on the Nasdaq market and make its stock more attractive to institutional investors.
“The implementation of this reverse stock split will provide us with flexibility in our capital structure to pursue financing alternatives in support of our business plan and to bring new innovations to people with diabetes,” president & CEO Kim Blickenstaff said in prepared remarks.
“With our team of dedicated employees, differentiated insulin pumps, and meaningful history of growth and operational progress, we remain keenly focused on building long-term shareholder value.”
In August, the FDA approved Tandem’s t:slim X2 insulin pump with Dexcom‘s (NSDQ:DXCM) G5 mobile continuous glucose monitor.
The regulatory win makes the device the first sensor-augmented insulin pump cleared to let users make treatment decisions without pricking their finger, the company touted.
Tandem said that the software used with this pump will be available to current t:slim X2 pump users at no additional cost, enabling them to add CGM-integration to their existing pumps.
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