Universe Pharmaceuticals (UPC) said Thursday it will consolidate its shares on a 1-for-40 basis, effective March 24.

The company said its stock will begin trading on a post-consolidation basis that day on the Nasdaq stock exchange under the same ticker but with a new CUSIP number.

Universe Pharmaceuticals said its $140.6 million authorized capital after the change will consist of 11.25 million ordinary shares and 1.25 million preferred shares, both with a par value of $11.25 per share.

Shares of the company were down more than 13% in recent premarket activity.