Hexo Corp (TSX: HEXO) (NYSE: HEXO) announced this evening after the close of markets that its share consolidation, or reverse split, is to go into effect as of December 23, 2020. The reverse split will see shareholders receive one post consolidation share for every four pre consolidation shares they held in the company.
The share consolidation has formally been approved by both the TSX as well as the NYSE, along with shareholders whom approved it earlier this month. Once put into effect, the company will see its 488,650,748 common shares be reduced down to 122,162,687 common shares. As with any share consolidation, a shareholders proportional voting power will remain unchanged after the consolidation.
Furthermore, the company also highlighted that any outstanding warrants, options, or other convertible securities outstanding will be reduced on a proportional basis as well.
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Hexo Corp last traded at $1.36 on the TSX.
Information for this briefing was found via Sedar and Hexo Corp. 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.
