09:25 AM EDT, 08/30/2024 (MT Newswires) -- Allbirds ( BIRD ) said Friday it will launch a 1-for-20 reverse stock split of its class A shares and class B shares following approval by its board.

The ratio is inside the range approved by shareholders at a meeting on Aug. 13, Allbirds ( BIRD ) said.

The split was designed to bring Allbirds ( BIRD ) into compliance with Nasdaq's minimum bid price rule, the company said.

The class A shares are expected to start trading on a post-split basis at the market open on Sept. 5, Allbirds ( BIRD ) said.

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