12:32 PM EDT, 04/19/2024 (MT Newswires) -- Pieris Pharmaceuticals ( PIRS ) shares slid 6.3% in recent trading after the company said Friday that its board has approved a 1-for-80 reverse stock split of its common stock.

The company said that the split, which is intended to regain compliance with Nasdaq's minimum bid price requirement for continued listing, will take effect at 5 p.m. ET on Monday.

Starting the next day, the common stock will continue to be traded on the Nasdaq Capital Market on a split-adjusted basis, Pieris said.