12:48 PM EDT, 05/14/2024 (MT Newswires) -- Seelos Therapeutics ( SEEL ) said Tuesday its board approved a 1-for-8 reverse stock split to regain compliance with the Nasdaq's minimum bid price requirement.

The reverse split will reduce the number of authorized shares to 50 million from 400 million, and the number of issued and outstanding shares to about 2.2 million from nearly 17.4 million, Seelos added.

The shares are expected to begin trading on a post-reverse split basis on Thursday.

The company shares were down 9% in recent trading.

Price: 0.26, Change: -0.03, Percent Change: -9.01