Aptevo Therapeutics (APVO) said Thursday it will implement a one-for-20 reverse stock split, which is expected to become effective on Friday, to meet Nasdaq listing requirements.

Trading on a split-adjusted basis is set to begin Tuesday under the existing APVO ticker, Aptevo said.

The company said the move, approved by shareholders and its board, will reduce the number of outstanding shares from about 13.5 million to roughly 700,000. It will also adjust outstanding stock-based awards and securities, Aptevo said, adding that no fractional shares will be issued, and shareholders will receive cash for any fractions.

Shares of Aptevo were down more than 18% in recent premarket activity.