Beneficient (BENF) said Thursday it is implementing a 1-for-8 reverse stock split of its class A and B common stock.

The reverse stock split will enable the company to regain compliance with Nasdaq's minimum bid price requirement for continued listing.

The shares will begin trading on a split-adjusted basis on Monday.

As a result of the reverse stock split, the company's class A and B common shares will be reduced to 625 million and 31,250 from 5 billion and 250,000, respectively, the company said.

Shares of the company were down over 20% in recent Thursday premarket activity.

Price: 0.81, Change: -0.21, Percent Change: -20.59