Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) (“Clever Leaves” or the “Company”), a global medicinal cannabis company, announced that its Board of Directors has approved a 1-for-30 reverse split of its common shares (the “Reverse Share Split”). The Reverse Share Split will take effect at approximately 5:00 p.m. Eastern Time on August 24, 2023.
As a result of the Reverse Share Split, every 30 common shares of the Company will automatically be converted into one common share, reducing the number of issued and outstanding common shares from approximately 45.7 million to approximately 1.5 million, based on the number of shares outstanding as of August 10, 2023. No fractional shares will be issued in connection with the Reverse Share Split. Instead, pursuant to the Business Corporations Act (British Columbia), each fractional share remaining after completion of the Reverse Share Split that is less than half of a whole share will be rounded down to the nearest whole common share without consideration to the holders thereof and each fractional share that is at least half of a whole share will be rounded up to one whole share. The Reverse Share Split will apply to all of the Company’s outstanding common shares. The Reverse Share Split will not affect any shareholder’s ownership percentage, except for changes as a result of the elimination of fractional shares and will not alter the voting rights or other rights attached to the shares.
Clever Leaves expects its common shares to commence trading on a split-adjusted basis as of the open of trading on August 25, 2023. The Company’s common shares will trade under a new CUSIP number, 186760203, following the effectiveness of the Reverse Share Split.
Shareholders of record will receive information from Computershare Investor Services Inc., the Company’s transfer agent, regarding their share ownership following the Reverse Share Split. Shareholders who hold their shares in brokerage accounts or in “street name” are not required to take any action in connection with the Reverse Share Split.
For more information on the Reverse Share Split, please refer to the Company’s Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 14, 2023, or the Company’s Current Report of Form 8-K filed with the SEC on August 24, 2023, or contact Computershare Investor Services Inc.
