DuPont, the materials and chemicals company, announced that both shareholders and its board of directors have approved a reverse stock split, according to a company statement.

The Delaware-based company also reaffirmed its financial guidance, though specific details about the guidance parameters were not immediately disclosed in the announcement.

Reverse stock splits typically involve reducing the number of outstanding shares while proportionally increasing the share price, often used by companies to meet exchange listing requirements or improve stock price perception.

The announcement comes as DuPont continues to navigate market conditions in the materials and chemicals sector. The company has been monitoring various economic factors that could impact its business operations and financial performance.

DuPont did not immediately provide additional details about the specific ratio of the reverse stock split or the timeline for implementation. The company's stock performance and operational metrics will likely be closely watched by investors following this corporate action.