Top KingWin (WAI) said Thursday that it will implement a 1-for-25 reverse stock split of its outstanding class A ordinary shares, effective Monday.

The reverse share split will reduce the number of the company's issued and outstanding shares to about 7.2 million from about 180 million.

The stock split is intended for the company to regain compliance with the minimum bid price requirement of $1 per share for continued listing on Nasdaq, the company said.

Shares of the company plunged nearly 17% in recent trading.

Price: 0.12, Change: -0.02, Percent Change: -16.96