Nouveau Monde Graphite (TSXV: NOU) this morning announced that it has been granted shareholder approval for a share consolidation. The consolidation is being sought as the company looks to pursue a listing on a US stock exchange.
Having received shareholder approval from 98.43% of shareholders, the company will now be implementing a one for ten share consolidation, or reverse split as its more commonly known among retail investors. The consolidation is to take effect today, with shares to begin trading on a post-consolidation basis March 31, 2021.
The reverse split will effectively see the currently outstanding 370,558,932 common shares reduced down to 37,055,893.
Nouveau Monde Graphite last traded at $2.06 on the TSX Venture.
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