5E Advanced Metals (ASX:5EA) said its board approved a 1-for-23 reverse stock split, which is expected to be implemented on Friday, according to a Thursday Australian bourse filing.
The dual-listed firm's common stock is expected to commence trading on NASDAQ on a split-adjusted basis on Feb. 18, under the existing trading symbol, FEAM.
The number of CHESS depositary interests with respect to its shares of common stock outstanding immediately before the reverse stock split will be proportionately reduced by the final split ratio on a rounded basis, the filing added.
The firm's shares fell almost 4% in recent trading on Thursday, reaching the lowest point since its listing in March 2022.
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