The Valens Company announces three-for-one share consolidation as part of its Nasdaq listing process

The Valens Company (TSX:VLNS, OTCQX:VLNCF) Inc announced that it is completing a three for one share consolidation ahead of its Nasdaq listing. 

Shares are expected to start trading on the Toronto Stock Exchange on a post-consolidation basis on November 18, according to a release from the company.

In a statement, Valens said its board of directors believes the consolidation will “result in a number of potential benefits” to the cannabis company, particularly in connection with its application for a secondary listing on the US technology-heavy exchange.

READ: The Valens Company closes C$54.3M acquisition of Citizen Stash Cannabis in all-stock deal

“This announcement represents a milestone towards the listing of Valens’ common shares on Nasdaq,” Tyler Robson, CEO of The Valens Company (TSX:VLNS, OTCQX:VLNCF), said in a statement.

“With the recent progress in our application, paired with the share consolidation to meet minimum listing requirements, Valens expects to commence trading on Nasdaq before the end of 2021.”

To be accepted for listing on Nasdaq, the company must meet certain minimum trading price requirements, which are anticipated to be satisfied as a result of the consolidation, Valens told shareholders.

“The Board believes there are potential benefits of a Nasdaq listing, including increased visibility of the company amongst US analysts and investors, increased access to capital and the potential for greater trading volume and liquidity for the common shares,” Valens said in a release. “The consolidation has no impact on the dollar value of investor’s shares.”

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors