Tilray Brands (TSX: TLRY) is seeking shareholder approval to conduct a reverse stock split in an effort to regain compliance with Nasdaq minimum listing standards.
The company is proposing a reverse stock split that would occur at a ratio ranging from 10-to-1 to 20-to-1, with the board of directors to ultimately select where within this range the split would fall once shareholder approval is granted. A special meeting of shareholders is planned for June 10, 2025 to vote on the matter.
“The Reverse Stock Split will better align Tilray’s number of shares outstanding with companies of our size and scope. A higher price per share would ensure compliance with Nasdaq’s continued listing requirements and places Tilray in a position to continue executing on our strategic plans,” commented Irwin Simon, CEO of Tilray.
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The company has also claimed that conducting the reverse split would decrease the cost structure of Tilray by up to $1.0 million on an annual run rate basis, however it is unclear how this would be achieved.
Tilray at the present time has an estimated 937.66 million shares outstanding.
Tilray Brands last traded at $0.66 on the TSX.
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