DuPont de Nemours Inc has announced a 1-for-3 reverse stock split, set to take effect on June 24, while also reaffirming its financial performance guidance.

The materials and chemical company stated on Tuesday that the share consolidation has received approval from both shareholders and the board of directors, and will become effective after midnight on June 24.

Based on the company's outstanding shares as of last Friday, the total number of shares outstanding will be reduced from approximately 405.1 million to 135 million following the consolidation. Additionally, the total number of authorized shares will be reduced by one-third.

For shareholders who would hold fractional shares as a result of the reverse split, the transfer agent, Computershare Trust Company, will arrange for a cash payment in lieu of such fractional shares.

DuPont also maintained its second-quarter and full-year performance guidance. Adjusted for the reverse stock split, the company expects second-quarter adjusted earnings per share to be $1.75, with full-year adjusted earnings per share projected to be in the range of $7.02 to $7.16.

The company's stock closed up 2.8% at $49.46 on Tuesday and gained approximately 0.8% in pre-market trading to $49.50. Year-to-date, DuPont's share price has risen by 23%.