04:25 PM EDT, 09/06/2024 (MT Newswires) -- Hyzon Motors ( HYZN ) said Friday it will implement a 1-for-50 reverse split of its common shares on Sept. 11.

The company said the reverse split is intended to increase the bid price of its common stock so that it can regain compliance with Nasdaq's $1 minimum bid price requirement for continued listing.

The stock will begin trading on a split-adjusted basis on Sept. 11, it said.

Shares of Hyzon tumbled nearly 23% in after-hours activity.

Price: 0.0501, Change: -0.01, Percent Change: -22.92