DowDuPont Inc. said May 23 that its board established a 1-for-3 reverse stock split of the company's common stock, effective June 1, according to a release.

Under the move, stockholders will receive 1 new share of DowDuPont common stock for every 3 shares of current DowDuPont common stock held June 1.

The reverse stock split is targeted to raise the market price of DowDuPont's common stock in line with its planned distribution of all common shares of its agriculture business, Corteva Inc., to holders of company's common stock on a pro rata basis.

The move will not affect the voting and other rights of stockholders nor will it have an impact on the company's business operations or its outstanding indebtedness, the release said.

DowDuPont will change its name to DuPont de Nemours Inc. following the Corteva shares distribution. Its common stock is expected to trade on the New York Stock Exchange under the ticker symbol "DD" starting June 3.