What’s Going on with High Tide?
High Tide (HITIF), a Canadian cannabis accessories manufacturing company, announced this morning that it will be consolidating the firm’s issued and outstanding common shares. This consolidation move will put High Tide one step closer to meeting the official requirements to list its common shares on the Nasdaq Stock Exchange. HITIF closed down yesterday, May 11, by 1.58% at $0.4970 a share.
What Does This Mean for HITIF?
"Today's news represents a significant milestone towards High Tide becoming the first major cannabis retailer anywhere in the world to be listed on Nasdaq, making our shares more accessible to a larger audience of both retail and institutional investors, and increasing our appeal to potential M&A targets," High Tide CEO Raj Grover said of the consolidation plan, which was approved by the company’s board of directors.
If all goes as planned, the existing 690,834,719 common shares will be cut down to 46,055,653 shares. In addition, fractional shares will not be issued by the company. Fractional interest will be rounded up or down, depending on where they fall in relation to the 0.5 common share mark.
The 15:1 share consolidation is set to kick off on May 14, 2021, or thereabouts. Once the shares are consolidated, High Tide expects a NASDAQ listing in May as well, listed under the ticker HITI.
HITIF has a Long-Term Technical Rank of 52. Find out what this means to you and get the rest of the rankings on HITIF!
High Tide Inc is an Alberta-based, downstream cannabis corporation focused on the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products. It is a vertically-integrated company in the Canadian cannabis market with portfolio subsidiaries including RGR Canada Inc., Famous Brandz Inc., Kush West Distribution Inc., Smoker's Corner Ltd., Grasscity.com, Canna Cabana Inc. and the majority of KushBar Inc. High Tide's aim to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value.
