Hive Blockchain To Consolidate Shares At 5 To 1 Basis
Hive Blockchain (TSXV: HIVE) is looking to reduce its outstanding share count after reportedly holding multiple discussions with shareholders. The firm last night indicated that it intends to conduct a share consolidation.
The company intends to conduct a five to one share consolidation, which will see its 411.2 million outstanding common shares reduced down to 82.2 million. The company has also indicated it does not intend to change its name in connection with the consolidation.
The share consolidation is expected to take effect as of May 20 on both the Toronto Stock Exchange and the Nasdaq.
“Even though HIVE has a higher market capitalization than many of our peers, and stronger fundamentals as measured by Price/Earnings ratios, revenue per employee and debt to equity ratios, the increased share price creates more institutional visibility because many of their fundamental screens exclude stocks under $5 a share,” commented CEO Frank Holmes on the announcement.
Hive Blockchain last traded at $1.55 on the TSX Venture.
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