09:31 AM EDT, 11/01/2024 (MT Newswires) -- VCI Global ( VCIG ) said Friday it will implement a 1-for-49 reverse stock split, effective Nov. 5.

The reverse stock split is intended to raise the market price of the company's shares and regain compliance with Nasdaq's minimum bid price requirement for continued listing.

The company said the reverse stock split is expected to reduce the number of its outstanding shares to about 4 million from about 202.2 million. VCI Global ( VCIG ) shares will continue trading on Nasdaq on a split-adjusted basis from Tuesday under the same "VCIG" ticker.

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