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Organigram Holdings Inc. (NASDAQ:OGI) (TSX:OGI) has completed the proposed consolidation of the company’s issued and outstanding common shares at a consolidation ratio of four pre-consolidation common shares for every one post-consolidation common share.
As of July 5th, and following the share consolidation, there are 80.5 million common shares issued and outstanding. Immediately prior to the share consolidation, the company had 322 million common shares issued and outstanding. No fractional common shares will be issued in connection with the share consolidation and no cash will be paid in lieu of fractional post-consolidation common shares. In the event that a registered shareholder would otherwise be entitled to receive a fractional common shares upon the occurrence of the share consolidation, such fraction will be rounded up or down to the nearest whole number.
It is anticipated that the post-consolidation common shares will commence trading on the Toronto Stock Exchange and Nasdaq Global Select Market under the new CUSIP number 68620P705 (CA68620P7056) at market open on July 7, 2023, subject to final confirmation from the TSX and the Nasdaq. The company's name and current trading symbol will remain unchanged following the consolidation.
The share consolidation was implemented to ensure the company continues to comply with Nasdaq listing requirements. On January 23, 2023, the company received notification from Nasdaq that, as a result of its common share price falling below an average of $1.00 for a consecutive 30 trading-day period, it is not in compliance with the continued listing standards. The company expects the share consolidation to restore compliance with the Nasdaq’s continued listing standards, and to continue to provide access to a broad universe of investors, access to equity capital and trading liquidity.
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