Esports Entertainment Group Inc (NASDAQ:GMBL) shares are trading lower by 33.09% to $3.96 Wednesday afternoon after the company announced a 1-for-100 reverse stock split.

As a result of the reverse stock split, every 100 shares of common stock issued and outstanding as of the effective date will be automatically combined into one share of common stock.

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The company's Board of Directors approved the reverse stock split with the objective of regaining compliance with the Nasdaq $1.00 minimum bid price requirement.

According to data from Benzinga Pro, GMBL has a 52-week high of $332.94 and a 52-week low of $3.77.