Score Media and Gaming (TSX: SCR) last night announced that the firm will be conducting a share consolidation, also known as a reverse split. The consolidation is taking place as a result of “a potential additional listing of the company’s Class A subordinate voting shares on a US stock exchange.”
The company will be implementing a ten to one reverse split, with ten pre-consolidation shares being converted to one post-consolidation share. As a result, the company will see its currently outstanding 434.4 million Class A shares reduced to 43.4 million shares, while its 5,566 special voting shares will be reduced to 557 special voting shares.
The consolidation was reportedly approved by the firms shareholders at the annual and special meeting of shareholders held on February 10, 2021. The consolidation will take effect on February 11, 2021, with shares to begin trading on a post-consolidated basis at the open of markets on February 18, 2021.
Score Media and Gaming last traded at $4.89 on the TSX.
Information for this commentary and analysis was found via Sedar and theScore. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
