MORRISVILLE – Investors have so far not reacted well to a reverse stock split that medical device firm TransEnterix executed on Wednesday evening as part of a stragegy to revive its shares and financials.
TransEnterix, which focuses on robotic surgery, traded down more than 11 percent early Thursday after opening at $2.03.
The reverse stock split, designed to reduce authorized shares, was approved by TransEnterix shareholders at a meeting on Wednesday.
The stock symbol, TRXC, did not change.
Before reporting its latest financial results in November, TransEnterix disclosed that longtime CEO Todd Pope was being replaced by Anthony Fernando, its chief operating officer and chief technology officer.