10:48 AM EDT, 06/13/2024 (MT Newswires) -- Workhorse Group ( WKHS ) said Thursday it will implement a 1-for-20 reverse stock split of common shares to boost the equity stock price and regain compliance with Nasdaq's minimum bid requirement for continued listing.

The stock will trade on a reverse split-adjusted basis on Monday.

Shareholders had approved a proposal authorizing a reverse stock split before Aug. 30, Workhorse said.

Shares of the company fell 11% in recent trading Thursday.

Price: 0.16, Change: -0.02, Percent Change: -10.58