11:07 AM EDT, 07/09/2024 (MT Newswires) -- Clene ( CLNN ) said Tuesday it will implement a 1-for-20 reverse stock split at 12:01 a.m. ET on Thursday to regain Nasdaq compliance.

The company said its common stock will start trading on the Nasdaq Capital Market on a split-adjusted basis under its current trading symbol CLNN on the opening of trading on Thursday.

Clene ( CLNN ) said that with the reverse stock split, it aims to regain compliance with the Nasdaq's required $1 minimum closing bid price for continued listing.

Shares of Clene ( CLNN ) fell 14% in recent Tuesday trading.

Price: 0.30, Change: -0.05, Percent Change: -14.22