11:41 AM EDT, 09/30/2024 (MT Newswires) -- SOBR Safe ( SOBR ) said Monday its board-approved 1-for-110 reverse stock split, which is expected to take effect at 12:01 am ET on Wednesday.

The company said that at the market open on Oct. 2, its common stock will start trading on a split-adjusted basis under the existing symbol SOBR.

The reverse stock split's main objective is to boost the stock's per-share market price to regain compliance with Nasdaq's minimum bid price rule for continued listing on the exchange, SOBR said.

SOBR shares tumbled nearly 27% in recent trading.

Price: 0.06, Change: -0.02, Percent Change: -26.83