Curaleaf Holdings confirmed today that its previously announced 1-for-3 reverse stock split will take effect on Friday, reducing the number of outstanding subordinate voting shares by roughly two-thirds while keeping the company’s trading symbols unchanged.
The company, one of the largest marijuana operators in the U.S. and international markets, said its subordinate voting shares will continue trading on the Toronto Stock Exchange under the symbol CURA. The shares will also continue trading on the OTCQX under the symbol CURLF.
Curaleaf currently has 698,731,895 subordinate voting shares outstanding. Assuming no additional shares are issued before the split takes effect, that number will be reduced to approximately 232,910,632 shares.
The company said it will not issue fractional shares as part of the reverse split. Instead, any fractional share that would otherwise be created will be rounded up or down to the nearest whole share.
Registered shareholders have been mailed a letter of transmittal and will need to submit their existing certificates or direct registration statements to Odyssey Trust Company, Curaleaf’s transfer agent, in order to receive updated post-split shares. Shareholders who hold their shares through a broker or other intermediary do not need to complete the form and should contact their broker with any questions.
Curaleaf said it will also consolidate its multiple voting shares at the same 1-for-3 ratio, a move intended to preserve the relative rights of each share class.
The reverse split comes as Curaleaf continues positioning itself as a major player in both the U.S. and international marijuana markets, with brands including Curaleaf, Select, Grassroots, Find, Dark Heart and Anthem.
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