Shares of Cellectar Inc. have been trading well above the $1 threshold required by the Nasdaq market since the Madison developer of cancer treatment and diagnostic drugs decreased the amount of stock it has outstanding.

Cellectar on Friday announced a reverse stock split where shareholders received one share for every 10 they owned. The move reduced the company’s number of outstanding common shares to about 860,000 from approximately 8.6 million. Read the full Milwaukee Journal Sentinel story here.