Tilray Inc. (TLRY) saw its shares plummet 14.48% in pre-market trading on Friday. The sharp decline follows the company's announcement of a previously approved 1-for-10 reverse stock split, set to take effect next week.

The reverse split, which will reduce Tilray's outstanding shares from approximately 1.16 billion to 116 million, is scheduled to be effective on December 1, with trading on a split-adjusted basis beginning December 2. Such corporate actions often lead to short-term volatility as investors adjust their positions.