MabVax Therapeutics Holdings Inc. stockholders approved the implementation of a reverse stock split of its issued and outstanding common shares at a special meeting held Oct. 6.

The company may initiate the stock split at any time prior to Sept. 28, 2018. The exact split ratio is still pending on the board's direction but will not be less than 1-for-2 and not more than 1-for-20.

The reverse stock split will allow MabVax to regain compliance with Nasdaq Capital Market's $1 minimum bid price listing requirement. The company has 180 calendar days, or until March 5, 2018 to regain compliance with the listing standard.