BOCA RATON, FL, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Stem Holdings, Inc. (the "Company" or "Stem") (OTC Pink: STMH CSE: STEM), a vertically-integrated cannabis branded products and technology company, announced that the February 1, 2024 effectiveness of its one for 100 reverse stock split. The shares of Stem will continue to trade under the symbol, STMH on the OTC Pink Sheets and, STEM on the CSE.
The reverse split was approved by the Company's shareholders on December 28, 2022 and approved by the Company's Board of Directors on November 27, 2023, with a filing with the Nevada Secretary of State on December 18, 2023.
Effective February 1, 2024, the Company's Common Stock will trade under CUSIP 85858U305 and the Company's former CUSIP (85858U107) will be suspended effective February 1, 2024. As a result of the reverse split, the Company's 557,999,222 shares will be converted into 5,579,992 post-split shares. All fractional interests resulting from the reverse split will be rounded up to the nearest whole share.
Company shares in brokerage accounts will automatically be converted to shares of Stem (CUSIP NO: 85858U305) by Depository Trust Company ("DTC") and the brokerage firms. There is no additional action required from investors with deposited Company common shares.
Registered shareholders needing to contact the transfer agent should submit and online ticket at https://odysseytrust.com for service.
About Stem
Stem is a vertically-integrated cannabis branded products and technology company with state-of-the-art cultivation, processing, extraction, retail and distribution operations in the United States.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements that constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the management of Stem with respect to future business activities. Forward-looking information is often identified by the words "may," "would," "could," "should," "will," "intend," "plan," "anticipate," "believe," "estimate," "expect" or similar expressions. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the management of Stem expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Stem believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; and changes or delays resulting from third-parties and regulators which are outside of the Company's control. This forward-looking information may be affected by risks and uncertainties in the business of Stem and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Stem has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Stem does not assume any obligation to update this forward-looking information except as otherwise required by applicable law.
No securities regulatory authority has in any way passed upon the merits of the proposed transactions described in this news release or has approved or disapproved of the contents of this news release.
Media Contact:
Regina A. Costa
Director of Public Relations
561-948-5410
Regina.costa@stemholdings.com
