Safe and Green Development (SGD) said Friday it will implement a a 1-for-20 reverse split of its common shares, effective Tuesday, as it seeks to regain compliance with Nasdaq's $1 minimum bid price rule for continued listing.

The shares will also start trading on a post-split basis on Tuesday, it said.

The company will have about 950,000 outstanding shares after the reverse split, from roughly 19 million shares.

Shares of the company were down nearly 9% in recent trading.

Price: 0.26, Change: -0.03, Percent Change: -8.87