FOXO Technologies (FOXO) said late Thursday that its board approved a 1-for-1.99 reverse stock split of its class A common stock.

The reverse stock split will take effect following the market close on July 27, according to the company.

The company said the reverse stock split is being effected to ensure compliance with NYSE American's continued listing requirements.

Shares of the company fell 4.5% in recent after-hours activity.