** Shares of dialysis products maker Rockwell Medical RMTI.O fall 4.8% to 62 cents premarket

** Co says its board approved a 1-for-10 reverse stock split, effective July 1; shareholders had approved the move at RMTI's annual meeting on June 12

** Says every 10 existing shares will be combined into one new share, while the stock will continue trading on Nasdaq under the ticker "RMTI"

** Says the move is mainly aimed at meeting Nasdaq's $1 minimum bid price rule for continued listing

** No fractional shares will be issued; shareholders will receive cash instead for any fractional share - RMTI

** As of last close, RMTI down 21.9% YTD