Tilray Proposes Reverse Stock Split To Maintain Nasdaq Compliance And Cut Costs

(RTTNews) - Tilray Brands, Inc. (TLRY), a cannabis company, Thursday has announced plans to initiate a reverse stock split of its common shares.

The proposal aims to consolidate shares at a ratio between 1-for-10 and 1-for-20, pending approval from shareholders in a vote scheduled for June 10. The final ratio will be determined by Tilray's board of directors.

CEO and Chairman Irwin Simon stated that the reverse split would help align Tilray's share count with peers of similar size and scale. He also noted that increasing the share price would help the company meet Nasdaq's continued listing requirements. Additionally, the move is expected to bring cost savings by reducing expenses tied to the company's annual meeting.

TLRY is currently trading at $0.4485 or 5.7377% lower on the Nasdaq Global Select Market.