09:30 AM EDT, 06/28/2024 (MT Newswires) -- American Well ( AMWL ) said Friday that its board approved a 1-for-20 reverse stock split to regain compliance with the New York Stock Exchange's minimum bid price requirement for continued listing.

The reverse stock split, effective July 10, will reduce the number of the company's class A shares to about 13.3 million from 266.2 million previously. The class A shares are expected trade on the NYSE on a split-adjusted basis beginning July 11, American Well ( AMWL ) said.

American Well ( AMWL ) said the 1-for-20 reverse stock split will also apply to its class B and C common shares, with the number of class B shares reduced from nearly 27.4 million shares to 1.4 million and class C shares cut to about 5.6 million shares to 278,000.

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