Avalon GloboCare (ALBT) said Thursday it will implement a 1-for-15 reverse stock split in an effort to regain compliance with Nasdaq's $1 minimum bid price rule.

The shares will start trading on the split-adjusted basis when the market opens on Oct. 28, Avalon said.

Avalon shares were 5% higher in recent trading.

Price: 0.24, Change: +0.04, Percent Change: +17.69