11:23 AM EDT, 07/23/2024 (MT Newswires) -- EzFill Holdings ( EZFL ) said Tuesday it will implement a 1-for-2.5 reverse stock split in an effort to regain compliance with Nasdaq's requirement that listed companies maintain at least $2.5 million in stockholders' equity.

The company said the reverse stock split will reduce the number of its outstanding shares to about 1.99 million from 4.97 million. The shares are expected to start trading on a split-adjusted basis on Thursday.

EzFill ( EZFL ) shares were more than 7% lower in recent trading.

Price: 1.67, Change: -0.15, Percent Change: -8.24