Aeon Biopharma (AEON) said Monday it is implementing a one-for-72 reverse stock split of its common stock to comply with NYSE American's minimum share value requirement.

The reverse stock split will come into effect starting Wednesday following the board's decision on Feb. 24, Aeon Biopharma said.

No fractional shares will be issued; instead, they will be rounded up to the nearest whole share, the company said.

The company's shares were down nearly 44% in recent trading.

Price: 0.07, Change: -0.05, Percent Change: -43.81