Adastra Holdings Announces 10:1 Share Consolidation
Langley, British Columbia – Adastra Holdings Ltd. (CSE: XTRX) (FSE: D2EP) has announced a 10:1 share consolidation pending approval from the Canadian Securities Exchange (CSE). The cannabis company, known for its top-tier Canadian concentrate brands, will consolidate its shares, reducing the number of issued and outstanding common shares from 55,970,547 to approximately 5,597,055 shares.
This move is aimed at optimizing Adastra’s share structure as it continues to innovate and expand within the adult-use and medical cannabis markets.
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Key Details of the Consolidation
- Share Reduction: The consolidation will see the company’s issued and outstanding shares reduced by a factor of 10, streamlining its share structure.
- Fractional Shares: Any fractional shares resulting from the consolidation will be rounded up or down to the nearest whole share.
- Trading Timeline: Subject to regulatory approval, Adastra shares will begin trading on a consolidated basis under the symbol XTRX starting around October 15, 2024.
- New CUSIP and ISIN: New identifiers will be assigned to the common shares post-consolidation.
Impact on Shareholders
- Registered Shareholders: Will receive instructions from National Securities Administrators Ltd. on how to exchange their pre-consolidation shares for the post-consolidation shares.
- Non-Registered Shareholders: Those holding shares through intermediaries such as brokers or banks should contact their service providers for details on how the consolidation will be processed.
The letter of transmittal is available on SEDAR+ and Adastra’s official website.
Company’s Continued Growth in the Cannabis Market
Adastra has positioned itself as a leader in the Canadian cannabis industry, with brands such as Phyto Extractions and Endgame Extracts widely distributed at over 2,000 retail locations. Its Health Canada-licensed facility specializes in cannabis extraction, distillation, and product manufacturing.
With a focus on both recreational and medical cannabis markets, Adastra is committed to developing innovative products while partnering with healthcare professionals to meet the needs of medical cannabis patients.
Cautionary Note on Forward-Looking Statements
Adastra has included forward-looking statements in this release, reflecting management’s current expectations. However, these statements are subject to risks and uncertainties, including potential regulatory delays regarding the share consolidation.
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