08:46 AM EST, 11/27/2024 (MT Newswires) -- FTC Solar ( FTCI ) said Wednesday that it will implement a reverse stock split at a ratio of 1-for-10, effective late Friday, in order to meet Nasdaq's minimum bid price requirement of $1.00 per share.

The company's stock closed at $0.36 on Tuesday, down 5.3%. It fell another 10% in recent Wednesday premarket activity.

The reverse stock split will reduce FTC's share count to around 12.8 million from 127.8 million, the company said.

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