08:50 AM EDT, 07/03/2024 (MT Newswires) -- Chijet Motor ( CJET ) said Wednesday it launched a 1-for-30 reverse split of its ordinary shares, effective June 28, to increase its per share price and meet the $1 minimum bid price requirement of the Nasdaq.

The company's ordinary shares will start trading on a split-adjusted basis, beginning Monday, Chijet said.

Following the reverse stock split, the firm's roughly 160.7 million issued and outstanding ordinary shares will amount to approximately 5.4 million shares, Chijet added.

Shares of the company were down 8.5% in recent Wednesday premarket activity.

Price: 0.2901, Change: -0.03, Percent Change: -8.49