Why Cannabis Co. Tilray (TLRY) Is Trading Down Today
Tilray Brands Inc. (NASDAQ:TLRY) shares slipped 6.8% on Thursday afternoon after the cannabis and beverage company proposed a reverse stock split that would significantly reduce its number of shares outstanding.
In a notice to investors, Tilray said it would hold a special shareholder meeting on June 10 to vote on amending its certificate of incorporation to enable a reverse split in a range of 1-for-10 to 1-for-20. The exact ratio would be selected by the company’s board.
CEO Irwin Simon framed the move as part of a broader effort to maintain Tilray’s Nasdaq listing, stabilize share prices, attract institutional investors, and reduce administrative costs.
“A higher price …