Nortel (NYSE: NT) executed a reverse stock split on Friday.
The 10-for-1 switch was made before the markets opened on Friday. Shares closed the day at $21.15 after reaching a high of $21.41.
Nortel stock closed at $2.15 on Thursday.
The consolidated shares are to begin trading today on both the New York Stock Exchange and the Toronto Stock Exchange.
Nortel’s board approved the move on Nov. 6.
The implementation will reduce the number of Nortel shares to 433 million from 4.3 billion.