11:14 AM EDT, 07/16/2024 (MT Newswires) -- Sonim Technologies ( SONM ) said Tuesday its board approved a 1-for-10 reverse split of its common shares, mainly to boost the stock's per-share market price to regain compliance with the Nasdaq Capital Market's minimum-bid price requirement.

The company expects its shares to start trading on a split-adjusted basis, effective Thursday, according to a filing with the US Securities and Exchange Commission.

Sonim ( SONM ) shares were down 3.4% in recent trading.

Price: 0.51, Change: -0.02, Percent Change: -3.38