A key player in the biotech-meets-psychedelics space, HAVN Life Sciences Inc. (OTC:HAVLF) announced it will complete a consolidation of its issued and outstanding common shares on the basis of one (1) post-consolidation common share for every thirty (30) pre-consolidation common shares.
With no fractional shares being issued, fractional interests of 0.5 or greater will be rounded up to the nearest whole number, and those less than 0.5 will be rounded down to the nearest whole number of common shares.
The consolidation will leave a total of 5,109,665 outstanding common shares.
The common shares will begin trading on a consolidated basis and with a new CUSIP number on August 3, 2022, yet the company’s name and trading symbol will not change.
Outstanding stock options and share purchase securities will also be adjusted by the consolidation ratio, and their exercise prices will be adjusted accordingly.
The consolidation was decided by HAVN’s board of directors following the consideration of a number of factors including the recent decline in the company’s share price as well as in the market values of other psychedelics companies and the related challenges businesses in the sector face regarding completion of financings, most notably equity funding.
HAVN, therefore, expects the consolidation will allow for greater flexibility, which could potentially attract further financing in turn.
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