09:28 AM EDT, 06/25/2024 (MT Newswires) -- Rigel Pharmaceuticals ( RIGL ) said Tuesday it will implement a 1-for-10 reverse stock split, effective on Thursday.

The company said its common stock will start trading on a post-split basis on the Nasdaq Global Select Market when trading opens on Thursday.

Rigel said the split will help it maintain compliance with Nasdaq's minimum bid continued listing requirement of $1 per share.

Shares of Rigel Pharmaceuticals ( RIGL ) were down about 8% at $0.88 per share in premarket activity.

Price: 0.8899, Change: -0.07, Percent Change: -6.93