Cannabis products company Flora Growth Corp. (NASDAQ: FLGC) with operations in Colombia, announces that it will effect a reverse stock split, which shall become effective on June 9, 2023 at a ratio of 1-for-20. Flora says that it has provided NASDAQ with the appropriate notice and the company expects that its common shares will commence trading on a post-reverse stock split basis at market open on June 9, 2023. The common shares will continue to trade on the Nasdaq Capital Market under the existing ticker “FLGC”. The new CUSIP number for the common shares is 339764201 and the new ISIN is CA3397642016.
The reverse stock split, within a ratio ranging between 1-for-5 and 1-for-25, was approved by Flora’s shareholders at the company’s annual and special meeting of shareholders held on June 6, 2023 and is described in the proxy statement of the Company dated May 10, 2023.
As a result of the split, every 20 common shares issued and outstanding will be automatically reclassified into one new common share. Flora clarifies that the split does not affect any shareholder’s ownership percentage of the common shares or modify any voting rights or other terms of the common shares. No fractional common shares will be issued as a result of the Reverse Stock Split. Flora warns that any fractional interest as a result of the Reverse Stock Split will be rounded down and shareholders will not receive any compensation.