Danaos Corp. (DAC) said the board of directors has opted for a 1-for-14 reverse stock split after stockholders March 5 approved the measure that will allow the shares to comply with the New York Stock Exchange’s minimum share price requirements.

The reverse stock split will take effect by May 2 and will reduce the number of outstanding shares from about 213.4 million shares to some 15.2 million, the company said Monday.

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No fractional shares will be issued in connection with the reverse stock split as stockholders will in this case receive cash payment at a price equal to the fraction held multiplied by the closing price on May 1.

On Dec. 31, management was notified by the NYSE that the 30 trading-day price range of the shares had fallen below the requirement of at least $1 per share.

In 2019, the shares were trading above the $1 mark for three sessions only between Feb. 27 and March 1. They were down slightly over 2% in premarket activity Monday, at $0.90, from the Thursday closing price of $0.92.

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