09:55 AM EDT, 06/10/2024 (MT Newswires) -- Pineapple Energy ( PEGY ) said Monday that it will implement a 1-for-15 reverse stock split on June 12, primarily to increase its shares' market price and regain compliance with Nasdaq's continued listing requirements.

The stock split will reduce the company's outstanding shares to 7.5 million from 112.5 million, Pineapple Energy ( PEGY ) said. The company expects its share to trade on a post-split basis from June 12.

Pineapple Energy ( PEGY ) also said it plans to "pursue additional actions" to comply with Nasdaq's other continued listing requirements.

The company's shares were down more than 29% in recent trading.

Price: 0.10, Change: -0.04, Percent Change: -29.58