Matica Enterprises (CSE: MMJ) is the latest cannabis-related firm to conduct a share consolidation. Also known as a reverse split, it was announced this morning that the company would be looking to significantly reduce its outstanding share count.
Approved via a directors resolution, the company indicated it will be conducting a 30 to 1 reverse share split, meaning shareholders will receive one post consolidation share for every 30 pre consolidation share held.
Post consolidation, Matica anticipates having 10.7 million common shares outstanding. No fraction shares are to be issued in connection with the consolidation.
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Justification for the consolidation was not provided, nor was a timeline for the implementation of the reverse split.
Matica Enterprises last traded at $0.025 on the CSE.
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.
