RE:Consolidation Yes, it was approved by shareholders. The company may or may not excercise this consolidation.
Aleafia Announces Results of Special Shareholders Meeting
Company to Immediately Pursue NASDAQ Application Final Stages
TORONTO, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Aleafia Health Inc. (TSXV: ALEF; OTCQX: ALEAF, FRA: ARAH) (“Aleafia“) or (the “Company“), is announcing the results of today’s Special Meeting of Shareholders (“The Meeting”).
At the Meeting, Shareholders approved the ordinary resolution to permit certain amendments to the Company’s stock option plan (“Option Resolution”). Shareholders also endorsed an ordinary resolution to allow certain amendments to the Company’s restricted share unit plan (“Share Resolution”).
Shareholders also approved with a show of hands a special resolution (“Special Resolution”) authorizing the consolidation of the Company’s issued and outstanding common shares up to a maximum ratio of four (4) pre-consolidation commons shares to one (1) post-consolidation common shares.
Within the range indicated above, Aleafia’s Board after receiving TSX Venture Exchange approval, may pursue a consolidation. The Board may also decide, without further notice, not to pursue a share consolidation.
Descriptions of the Resolutions can be found in the Corporation’s management information circular on SEDAR.
“Asking shareholders to approve if necessary a range for a possible share consolidation will provide Aleafia the flexibility to adjust the number of shares to achieve the minimum bid price requirements to complete our NASDAQ listing process," said Aleafia CEO Geoffrey Benic. "Management will now immediately pursue the final stages of Aleafia’s NASDAQ application.”