By Josh Beckerman
Katapult Holdings shares were down 13% to 85 cents after hours as the financial technology company announced a 1-for-25 reverse stock split.
Shares will start trading on a reverse split-adjusted basis on July 28.
After Katapult received a letter from Nasdaq in April that it was out of compliance with the $1 closing bid price requirement, a reverse split was one of the options it considered to resolve the deficiency. Last month, stockholders approved a reverse split.
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