“There can be no assurance, however, that the company will be listed on a U.S. national securities exchange.”
If you’re anywhere near the cannabis industry in Massachusetts or in several other states as well, then you’re probably familiar with Ascend Wellness Holdings and its local Ascend dispensaries. A market leader by multiple measures, the company also showed up in headlines last year as the victim of an alleged shakedown scheme by Suffolk County Sheriff Steve Tompkins that involved him receiving shares in AWH.
Ascend was also vocal in the controversial push for legislation that would increase the number of retail licenses a single entity can own—a fight they ultimately won. It’s with that gusto and national momentum that the company is pushing to secure a seat on a major stock exchange in the United States. Here’s the latest on that front from an AWH media release:
Ascend Wellness Holdings Inc., a multistate, vertically integrated cannabis operator and consumer packaged goods company, announced that it has filed a definitive proxy statement with the U.S. Securities and Exchange Commission (SEC) in connection with a special meeting of stockholders to approve a reverse stock split of the company’s Class A common stock.
The company’s board of directors believes the reverse stock split could position the company’s Class A common shares to satisfy initial listing requirements for a national securities exchange, including applicable minimum bid price requirements, while potentially supporting institutional investor participation and enhancing visibility with analysts and broker-dealers. There can be no assurance, however, that the company will be listed on a U.S. national securities exchange or that the reverse stock split will result in a sustained increase in the trading price of the Class A common shares.
“A reverse stock split is a necessary step on our path to a listing on a major U.S. exchange,” AWH CEO and Director Sam Brill said in a statement. “We believe an uplisting could expand what’s possible for our business by increasing our access to capital, broadening our investor base and unlocking opportunities that have long been out of reach for cannabis operators. With the regulatory landscape shifting in real time, we are taking these steps now to move decisively as those doors open.”
Read more here.
