11:01 AM EDT, 05/15/2024 (MT Newswires) -- Charles & Colvard (CTHR) said Wednesday its board has approved a 1-for-10 reverse stock split, effective 12:01 a.m. ET on Friday.

The company said with the reverse stock split, it aims to regain compliance with Nasdaq's $1 per-share minimum bid price rule for continued listing.

Charles & Colvard's common stock is expected to start trading on a split-adjusted basis on the Nasdaq Capital Market as of the beginning of trading on Friday.

The company's shares were down 4% in recent Wednesday trading.

Price: 0.27, Change: -0.01, Percent Change: -4.13