09:57 AM EDT, 08/22/2024 (MT Newswires) -- Oblong (OBLG) said Thursday it will implement a 1-for-40 reverse stock split of its common stock, effective at 5 pm ET Friday.

The company said its common shares will start trading Monday on a split-adjusted basis on the Nasdaq Capital Market, under the company's current stock symbol.

Oblong said the reverse stock split aims to increase the per-share trading value of its common stock for continued listing on the exchange.

Shares of Oblong retreated 25% in recent early Thursday trading.

Price: 0.09, Change: -0.03, Percent Change: -27.44