05:03 PM EDT, 05/10/2024 (MT Newswires) -- Chimera Investment ( CIM ) said late Friday its board has approved a 1-for-3 reverse stock split, reducing the number of its shares to about 80.5 million from around 241.4 million.

The company said it expects its shares to begin trading on a post-reverse split basis May 22.

Chimera said the reverse split will more closely align with the number of shares for companies of a similar market value.

The shares were down about 4% in recent after-hours activity.

Price: 4.4200, Change: -0.19, Percent Change: -4.12