01:24 PM EDT, 08/16/2024 (MT Newswires) -- Cadrenal Therapeutics ( CVKD ) said Friday it is implementing a one-for-15 reverse stock split of its common stock starting Tuesday to comply with the Nasdaq's $1-per-share listing requirement.

No fractional shares will be issued; instead, a cash payment equal to the number of shares of the common stock before the reverse split will be paid based on the average price for the preceding 10 days, the company said.

The company's shares were down nearly 7% in recent trading.

Price: 0.47, Change: -0.03, Percent Change: -6.75