Cheche Group (CCG) said Friday it will implement a 35-for-1 reverse stock split of its class A and class B shares, effective at the opening of trading on July 20.

The company said its class A shares will continue trading on Nasdaq under the ticker CCG.

Outstanding class A shares are expected to decline to about 1.97 million from 69.09 million, while class B shares are expected to decrease to about 531,328 from 18.60 million, it said.

The company said the reverse stock split is intended to help it regain compliance with Nasdaq's minimum bid price requirement.

Outstanding warrants will remain listed under the ticker CCGWW, with their exercise terms adjusted to reflect the consolidation, Cheche added.