10:00 AM EDT, 07/19/2024 (MT Newswires) -- Innovate (VATE) said Friday that its board of directors approved a 1-for-10 reverse stock split, effective Aug. 2.

The company said the main goal of the reverse stock split is to increase its stock's price to meet the minimum per share bid price requirement for continued listing on the New York Stock Exchange.

Innovate's stock is expected to begin trading on a split-adjusted basis on Aug. 5.

Shares of the company were down more than 11% in recent trading.

Price: 0.52, Change: -0.07, Percent Change: -11.40