11:55 AM EDT, 10/09/2024 (MT Newswires) -- Alternus Clean Energy ( ALCE ) shares fell by more than 30% on Wednesday after the company said it will implement a 1-for-25 reverse stock split.

The move is intended to regain compliance with Nasdaq's $1 minimum bid price requirement for continued listing, the company said.

The split will become effective at 12:01 am ET on Friday and the shares will begin trading on a post-split basis when the market opens on Friday, Alternus said.

Price: 0.10, Change: -0.05, Percent Change: -31.64