T2 Biosystems Inc (NASDAQ:TTOO) shares are trading lower by 42.7% to $0.18 Thursday morning after the company announced a reverse stock split, effective today.

The reverse stock split will be at a ratio of 1 post-split share for every 100 pre-split shares, effective on October 12. The decision to do so was approved by the board of directors and supported by stockholders during the annual meeting on September 15.

The company says this move is primarily aimed at meeting the minimum bid price requirement for maintaining its Nasdaq Capital Market listing.

According to data from Benzinga Pro, T2 Biosystems has a 52-week high of $2.92 and a 52-week low of $0.05.