Canada House Wellness (CSE: CHV) has seen its shareholders approve a proposed share consolidation of the firms outstanding common shares. The announcement was made by the company this morning, within a news release announcing the results of the annual general meeting.
The proposed share consolidation, or reverse split as its more commonly known by retail shareholders, will see the company consolidate it shares at a ratio as high as thirty pre-consolidation shares to one-post consolidation share. At maximum, it would see the company reduce its outstanding share figure from 683,653,630 as of November 30, to as low as 22,788,454 shares outstanding.
The company did not provide a timeline for implementation of the approved share consolidation. However, in a market update issued last week, the company indicated that if approved, it would consult its external capital markets advisors to determine whether to proceed with the consolidation, when to proceed, and at what ratio to conduct the consolidation at. As such, the approved consolidation is to occur at a later date, if at all.
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Canada House Wellness last traded at $0.02 on the CSE.
Information for this briefing was found via Sedar and Canada House Wellness. The author has no securities or affiliations related to Canada House Wellness. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
