GSE Solutions (Nasdaq: GVP) announced it plans a 10-for-one reverse stock split that will take effect on Oct. 30, according to a press release. GSE’s advanced engineering and workforce solutions divisions provide technical staffing as well as specialized training, engineering design, program compliance and more.

The move is part of the Columbia, Maryland-based company’s efforts to regain compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq capital market. The reverse stock split will reduce the number of shares of GSE Solutions’ common stock outstanding from approximately 25 million shares to approximately 2.5 million shares, subject to adjustment due to the payment of cash in lieu of fractional shares. 

The decision was first approved on June 12 following the vote of shareholders, with the final ratio set by the board on Sept. 11.

Shares in GSE Solutions were down 14.16% today to 14 cents as of 12:33 p.m. Eastern time; they set a new 52-week low during today’s trading session when they reached 13 cents, according to FT.com.