The shareholders of Hexo Corp (TSX: HEXO) (NYSE: HEXO) have approved the previously announced share consolidation plan. The approval was granted at the annual and special meeting of shareholders conducted last week, with shareholders agreeing to a four to one reverse split as a means of regaining compliance with certain New York Stock Exchange listing standards.
While the approval of the share consolidation was granted by shareholders, the company will now look to gain approvals from both the Toronto Stock Exchange and New York Stock Exchange in order to implement the consolidation. A specific timeframe for the consolidation to take effect was not provided, however the company indicated that it is expected to occur in the “near future.” Further details are expected once approvals have been granted.
Outside of the approval of the share consolidation, the company also re-elected all members of its board, while also reappointing PricewaterhouseCoopers LLP as the auditors of the company.
Hexo Corp last traded at $1.28 on the TSX.
Information for this briefing was found via Sedar and Hexo Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.