Tilray Shares Tumble After Company Announces 1-For-10 Reverse Stock Split
Tilray Brands Inc (NASDAQ:TLRY) shares are trading lower in Wednesday’s after-hours session after the company announced a reverse stock split.
- TLRY is feeling the pressure from bearish momentum. Get the market research here.
What To Know: After the market close on Wednesday, Tilray said it will implement a one-for-10 reverse stock split of its common stock. The reverse split was approved at the company ‘s special meeting of stockholders in June and is now set to take effect on Dec. 1.
On the effective date, every 10 issued and outstanding shares of Tilray common stock will be automatically combined and converted into one share.
Tilray said the reverse split aims to align the company’s shares …