Processa Pharmaceuticals Inc (NASDAQ:PCSA) shares are trading lower by 23% to $0.21 during Thursday’s session after the company announced it will effect a 1-for-20 reverse stock split.

The 1-for-20 reverse stock split is intended to meet Nasdaq’s minimum bid price requirement. Effective January 22, the common stock will trade on a split-adjusted basis.

This move reduces outstanding shares from 24.6 million to 1.2 million, with proportional adjustments to equity awards and warrants. Fractional shares won’t be issued.

Continental Stock Transfer & Trust will be the exchange agent for the reverse stock split.

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According to data from Benzinga Pro, PCSA has a 52-week high of $1.27 and a 52-week low of $0.18.