High Tide Inc (TSXV: HITI) this morning announced that it will be conducting a reverse split, also known as a share consolidation, to enable it to meet the requirements of listing on the Nasdaq. The company currently anticipates that it will begin trading on the US big board later this month, under the symbol “HITI”.
The share consolidation will see shareholders receive one share for every 15 pre-consolidation shares held in the company. As a result, the currently outstanding 690.8 million shares of the company will be whittled down to just 46.1 million, with all outstanding warrants, options, and other convertible securities to be adjusted along the same terms.
The consolidation is expected to take effect on May 14, 2021, with the consolidation having been approved by shareholders in July 2019 at the firms annual meeting.
In terms of a timeline for listing on the Nasdaq, the company is expected to release further details once the first trading date is finalized.
High Tide last traded at $0.60 on the TSX Venture.
Information for this briefing was found via Sedar and High Tide Inc. 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.
