11:29 AM EST, 11/22/2024 (MT Newswires) -- Citius Pharmaceuticals ( CTXR ) said Friday it will implement a reverse stock split at a ratio of 1-for-25, effective at 5 pm ET on Monday.

The shares will start trading on a split-adjusted basis on Nasdaq on Tuesday, the company said.

The split is intended to help the company regain compliance with Nasdaq's minimum bid price requirement of $1 per share for continued listing, Citius said.

Shares of the biopharmaceutical company were 23% lower in recent trading.

Price: 0.12, Change: -0.05, Percent Change: -27.80