Xcel Brands (XELB) said Friday it will implement a 1-for-10 reverse stock split when trading opens on Tuesday.

The company said its shares will continue to trade on Nasdaq under the symbol "XELB."

Xcel Brands said the reverse stock split aims to help it regain compliance with the $1 minimum bid price requirement for continued listing on Nasdaq.

The company's shares were down over 10% in premarket activity Friday.