Valeritas (NSDQ:VLRX) said today that its board of directors approved a 1-for-20 reverse split of its common stock.

Through the move, the Bridgewater, N.J.-based company said that each owner of its common stock will receive a single share for every 20 shares they previously held. Fractional shares as a result of the split will be settled in cash, the company said.

The reverse split was approved by the company’s board of directors yesterday, and is slated to take effect on May 20, the company said in a press release.

Last week, Valeritas saw shares drop more than 15% despite the medtech firm releasing first quarter 2019 earnings that beat sales expectations and met loss-per-share consensus from Wall Street analysts.