Akanda Corp (AKAN) Announces 1:40 Reverse Share Split

May 21, 2024 8:05 AM EDT

Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), an international medical cannabis company, reported that it expects to implement a 1-for-40 reverse stock split on its ordinary shares effective May 23, 2024, with trading to begin on a split-adjusted basis at the market open on that day. Trading in the ordinary shares will continue on The Nasdaq Capital Market under the symbol "AKAN". The new CUSIP number for the ordinary shares following the reverse stock split is 00971M304.

Upon the effectiveness of the reverse stock split, every 40 shares of the Company's issued and outstanding ordinary shares will automatically be converted into one issued and outstanding ordinary share. No fractional shares will be issued as a result of the reverse stock split. Instead, any fractional shares that would have resulted from the split will be rounded down to the next whole number. The reverse stock split affects all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's outstanding ordinary shares, except for adjustments that may result from the treatment of fractional shares.

The reverse stock split at a ratio of 1-for-40 shares was approved by the Company's board of directors and its shareholders. The Company will file Articles of Amendment with the Ontario Ministry of Government and Consumer Services to reflect the reverse stock split on May 23, 2024.

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