STAMFORD, Conn. — A 1-for-3 reverse stock split of Curaleaf Holdings Inc. subordinate voting shares will become effective on or about June 5. Curaleaf’s board of directors approved the split at a ratio of one post-consolidation share for each three pre-consolidation shares. The company expects the move will enable it to uplist as soon as the opportunity is available.
The reverse split will reduce the number of issued and outstanding subordinate voting shares, thereby giving rise to the expectation that the trading price per share will increase. The board has approved the reverse-split to maneuver the share price level into meeting criteria established by U.S. exchanges, as ongoing regulatory developments may provide an opportunity to uplist to a U.S. stock exchange.
The split is also intended to ensure the company’s shares trade above limits set by some retail brokerage firms and to broaden institutional investor participation.
