By Stephen Nakrosis
Investors in Tilray Brands voted to approve a reverse stock split of the cannabis company's common shares.
Shareholders voted to approve a split of between 1-for-10 and 1-for 20, Tilray said Tuesday. Implementation of a reverse share split would ensure Tilray remains in compliance with Nasdaq Global Select Market continued listing requirements.
The company said it would hold off moving forward for now so it can further explore options related to timing of the split, as it evaluates the timing and stock price.
The reverse stock split would align Tilray's number of shares outstanding with companies of similar size and scope, and would make its stock more attractive to institutional shareholders, company said.
Tilray has a market cap of $420.47 million, 1.03 billion shares outstanding and a public float of 1.02 billion shares. The stock closed the regular trading session up 2.4% at 42 cents per share. Shares decline 2.5% to 40 cents post market.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
June 10, 2025 16:40 ET (20:40 GMT)
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