Organigram Announces Completion of Share Consolidation
05 Juillet 2023 - 8:30PM
Organigram Holdings Inc. (“Organigram” or the “Company”) (TSX: OGI;
NASDAQ: OGI) announced today that, further to its earlier press
releases, it has completed the proposed consolidation of the
Company’s issued and outstanding common shares at a consolidation
ratio of four (4) pre-consolidation common shares for every one (1)
post-consolidation common share (the “
Share
Consolidation”).
As of the date hereof, and following the Share
Consolidation, there are 80,498,692 common shares issued and
outstanding. Immediately prior to the Share Consolidation, the
Company had 321,994,768 common shares issued and outstanding. No
fractional common shares will be issued in connection with the
Share Consolidation and no cash will be paid in lieu of fractional
post-consolidation common shares. In the event that a registered
shareholder would otherwise be entitled to receive a fractional
common shares upon the occurrence of the Share Consolidation, such
fraction will be rounded up or down to the nearest whole
number.
A letter of transmittal with respect to the
Consolidation is being mailed to the Company's registered
shareholders only. All registered shareholders with certificated
Common Shares will be required to send their share certificate(s)
representing pre-consolidation Common Shares, along with a properly
executed letter of transmittal, to the Company's transfer agent,
TSX Trust, in accordance with the instructions provided in the
letter of transmittal for share certificates representing
post-consolidation common shares following the Share Consolidation
or, alternatively, a Direct Registration System ("DRS")
Advice/Statement representing the number of post-consolidation
common shares they hold following the Share Consolidation.
Registered shareholders may also obtain a copy of the letter of
transmittal by accessing the Company's SEDAR profile at
www.sedar.com or the Company's EDGAR profile at www.sec.gov. No
action is required by beneficial shareholders (i.e. non-registered
shareholders) to receive post-consolidation common shares in
connection with the Consolidation. Beneficial shareholders who hold
their common shares through intermediaries and who have questions
regarding how the Share Consolidation will be processed should
contact their intermediaries with respect to the Share
Consolidation.
It is anticipated that the post-consolidation
common shares will commence trading on the Toronto Stock Exchange
(the "TSX") and Nasdaq Global Select Market (the "Nasdaq") under
the new CUSIP number 68620P705 (CA68620P7056) at market open on
July 7, 2023, subject to final confirmation from the TSX and the
Nasdaq. The Company's name and current trading symbol (NASDAQ: OGI,
TSX: OGI) will remain unchanged following the Consolidation.
As previously described, the Share Consolidation
was implemented to ensure the Company continues to comply with
Nasdaq listing requirements. On January 23, 2023, the Company
received notification from Nasdaq that, as a result of its common
share price falling below an average of US$1.00 for a consecutive
30 trading-day period, it is not in compliance with the continued
listing standards. The Company expects the Share Consolidation to
restore compliance with the Nasdaq’s continued listing standards,
and to continue to provide access to a broad universe of investors,
access to equity capital and trading liquidity. In addition, the
Share Consolidation may also provide the potential benefits of (i)
enhancing the marketability of the common shares given that an
increase in the price per common share could increase the interest
of institutional and other investors with policies that prohibit
them from purchasing shares below a minimum price, and (ii)
reducing volatility as a result of small changes in the share price
of the common shares.
About Organigram Holdings
Inc.
Organigram Holdings Inc. is a NASDAQ Global
Select Market and TSX listed company whose wholly-owned
subsidiaries include: Organigram Inc. and Laurentian Organic Inc.,
licensed producers of cannabis and cannabis-derived products in
Canada, and The Edibles and Infusions Corporation, a licensed
manufacturer of cannabis-infused soft chews in Canada.
Organigram is focused on producing high-quality,
cannabis for patients and adult recreational consumers, as well as
developing international business partnerships to extend the
Company’s global footprint. Organigram has also developed and
acquired a portfolio of legal adult-use recreational cannabis
brands, including Edison, Holy Mountain, Big Bag O’ Buds, SHRED,
SHRED’ems, Monjour, Laurentian, Tremblant Cannabis and Trailblazer.
Organigram operates facilities in Moncton, New Brunswick and
Lac-Supérieur, Quebec, with a dedicated edibles manufacturing
facility in Winnipeg, Manitoba. The Company is regulated by the
Cannabis Act and the Cannabis Regulations (Canada).
This news release contains forward-looking
information. Often, but not always, forward-looking information can
be identified by the use of words such as “plans”, “expects”,
“estimates”, “intends”, “anticipates”, “believes” or variations of
such words and phrases or state that certain actions, events, or
results “may”, “could”, “would”, “might” or “will” be taken, occur
or be achieved. Forward-looking information involves known and
unknown risks, uncertainties and other factors that may cause
actual results, events, performance or achievements of Organigram
to differ materially from current expectations or future results,
performance or achievements expressed or implied by the
forward-looking information contained in this news release. Risks,
uncertainties and other factors involved with forward-looking
information could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information include
factors and risks as disclosed in the Company’s most recent annual
information form, management’s discussion and analysis and other
Company documents filed from time to time on SEDAR
(see www.sedar.com) and filed or furnished to the Securities
and Exchange Commission on EDGAR (see www.sec.gov). Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such
information and no assurance can be given that such events will
occur in the disclosed time frames or at all. The forward-looking
information included in this news release are made as of the date
of this news release and the Company disclaims any intention or
obligation, except to the extent required by law, to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise.
For media enquiries:
Megan McCraeSVP, Marketing &
Communicationsmegan.mccrae@organigram.ca
For investor enquiries:investors@organigram.ca
Source: Organigram Holdings Inc.
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