Urgent.ly (ULY) said Thursday it will implement a reverse stock split, including its special voting common stock, at a ratio of 1-for-12, effective on the close of trading March 17.

The company said it is carrying out the stock split to regain compliance with the minimum $1 bid price per share requirement of Nasdaq.

The total number of authorized shares of common stock will be reduced from 1 billion to 500 million. The number of authorized shares of preferred stock will remain unchanged at 100 million shares, the company said.

Any fractional shares of common stock that would otherwise be issuable as a result of the reverse stock split will be paid out in cash. The exercise prices and stock price targets of outstanding stock options, warrants, and equity awards will be proportionately adjusted, where applicable, the company said.