Anebulo Pharmaceuticals (ANEB) said Wednesday that its board of directors and a special committee of independent directors have recommended a reverse stock split at a ratio of not less than 1-for-2,500 and not greater than 1-for-7,500, as part of its going private transactions.

The company said the reverse stock split is intended to reduce Anebulo's stockholders enough to allow the company to terminate its registration as a US Securities and Exchange Commission reporting company.

Under the reverse stock split, the company's stockholders will receive cash in the amount of $3.50 per pre-split share in exchange for any fractional shares of post-split stock.

Shares of the company were up 73% in recent Wednesday tracing.