EnteroMedics Inc. has retired its Senior Amortizing Convertible Notes, converted all $18.75 million in notes to shares of common stock, as part of a strategy to regain compliance with the Nasdaq requirement
that it have a minimum of $2.5 million of stockholders’ equity.
The move to
retire the notes, along with a move the company made to implement a reverse
stock split, will allow EnteroMedics to continue being listed on the Nasdaq Capital
Market.
Representatives from the
company will go before a Nasdaq Listing Qualification Panel on Jan. 12 to
appeal a delisting notice stemming from not fulfilling the two requirements.
EnteroMedics creates medical devices using neuroblocking technology to treat obesity,
metabolic diseases and other gastrointestinal disorders.
EnteroMedics makes stock moves to maintain Nasdaq listing
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