Loral Space & Communications [NYSE: LOR] wants shareholder approval to implement a reverse stock split at its annual meeting on May 29 to comply with New York Stock Exchange share price requirements for continued listing.

Loral (New York City) meets the other listing criteria, including having the required market capitalization. However, the company’s stock price has slipped below $1 a share, which is the minimum allowed by the stock exchange for a company to remain listed.

The reverse stock split ratio of new shares to existing shares will be established and detailed in a proxy statement to be mailed to shareholders several weeks before the annual meeting. Through Jan. 31, close to 430.8 million common shares of Loral were outstanding.