SNDL Inc (NASDAQ: SNDL) shares are trading lower Tuesday following a 1-for-10 reverse split, which went into effect today.
Sundial held its annual and special shareholders meeting on July 21, but it was adjourned due to a lack of quorum. At the reconvened meeting on Monday, shareholders voted in favor of a proposed "share consolidation" on the basis of one post-consolidation common share for every 10 pre-consolidation common shares.
The share consolidation is expected to enable the company to maintain a minimum price of $1 per share in order to avoid being delisted.
Additionally, a name change has been effected. Shareholders voted in favor of changing the company name from "Sundial Growers Inc" to "SNDL Inc." The company said it will provide further details regarding its rebranding when it reports earnings at the beginning of August.
Sundial, or SNDL Inc, is engaged in producing and marketing cannabis for the adult-use market.
See Also: Sen. Chuck Schumer And NY Advocates Launch 'The Bronx Cannabis Hub' To Help Residents Enter Legal Weed Industry
SNDL Price Action: SNDL shares were down 25.5% at $2.22 at press time, according to data from Benzinga Pro.
Photo: TinaKru from Pixabay.
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