Sharps Technology (STSS) said Thursday it's implementing a 1-for-300 reverse split of its common shares that will become effective on April 27, before the opening of trading.

The reverse split is mainly intended to bring the company into compliance with the minimum bid price rule for keeping its listing on Nasdaq, Sharps said.

The company's shares were falling more than 31% in recent trading.

Price: 0.02, Change: -0.01, Percent Change: -31.16