Halo Collective (NEO: HALO) this evening indicated it’s looking to conduct a reverse split. The company is looking to consolidate its outstanding common shares as a means of curbing its growing share count.
The consolidation will see the firm issue to shareholders one post consolidation share for every 100 pre-consolidation shares held of the company, making it one of the larger reverse splits to occur within the cannabis space. All fractional shares are to be rounded down to the next lowest whole figure, with no additional consideration provided for these fractional shares.
Following the reverse split, the firms currently outstanding 2.87 billion shares are to be reduced down to 28.7 million, significantly reducing the firms share count.
The consolidation is set to take effect October 12, 2021.
The move is reportedly being conducted ahead of the potential for US operators to list on major US exchanges, following the US House of Representatives passing the SAFE Banking Act under the National Defense Authorization Act on September 21. The Act however now has to be passed by the Senate as it proceeds forward.
Halo Collective last traded at $0.035 on the Neo Exchange.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
