It hasn’t even been a year since its last share consolidation, yet Halo Collective (NEO: HALO) is again looking to reduce its share count via the easiest means possible. The firm last night revealed it intends to again conduct a reverse split.
Approved by shareholders at a meeting held last week, the company is looking to implement a 20 for 1 reverse split, which will reduce its outstanding share count down from 197.4 million to just 9.9 million. Any convertible securities will also be proportionately adjusted to reflect the consolidation, and no fraction shares are to be issued.
Known for issuing shares like a drunken sailor, Halo Collective last conducted a share consolidation in mid October 2021. The firm at the time implemented a 100 to 1 consolidation, reducing its outstanding share count from 2.87 billion to 28.7 million. In the time since, roughly 168.7 million shares have been issued, with the majority having been issued in the last six months.
Recent issuances as of March 31 include:
- 8.1 million shares to acquire H2C Beverages
- 18.0 million shares to holders of convertible debentures for debt settlement
- 11.9 million shares to holders of promissory notes for debt settlement
- 5.4 million shares to settle debt with consultants, suppliers and related parties
- Subsequent to the prior quarter end, 18.5 million shares were issued to settle debt with related parties and consultants.
Notably, as of the end of the March quarter, the company reported common shares outstanding of 76.5 million, implying that significant share issuances have occurred during the second quarter, based on outstanding share figures provided by the company.
The share consolidation is expected to be implemented June 22, 2022.
Halo Collective last traded at $0.045 on the Neo.
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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.