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Why Shares of Acasti Pharma Slumped Tuesday

Why Shares of Acasti Pharma Slumped Tuesday

Acasti Pharma (NASDAQ: ACST) fell by more than 18% in Tuesday trading. The company said that it had closed its merger with Grace Therapeutics; former Acasti shareholders now own 59% of the combined company. The second -- and more concerning -- part of the announcement was that the company would perform an 8-1 reverse split at the start of trading on Aug. 31.