Pineapple Financial Inc. Announces Proposed Share Consolidation to Strengthen Capital Structure and Support Long-Term Growth
Toronto, Ontario--(Newsfile Corp. - May 13, 2025) - Pineapple Financial Inc. (NYSE: PAPL) ("Pineapple" or the "Company"), a tech-enabled mortgage brokerage and fintech platform, today announced that its Board of Directors has approved the submission of a special resolution to shareholders to authorize a consolidation (the "Consolidation") of the Company's issued and outstanding common shares on the basis of between 10 and 20 pre-Consolidation shares for each one post-Consolidation share.
The proposed Consolidation will be presented to shareholders for approval at a special meeting scheduled for June 26, 2025, with a record date set for May 23, 2025.
"This proposed share consolidation reflects our continued efforts to strengthen our capital structure, enhance our trading profile, and position the Company for future growth," said Shubha Dasgupta, CEO of Pineapple Financial."As we continue to grow our volume, expand our verticals, and improve operational efficiency, we believe this step supports our long-term commitment to delivering shareholder value."
The Consolidation, if approved, is expected to increase the per-share trading price of the Company's common shares, which may improve the Company's ability to attract institutional investors and meet minimum share price requirements for continued listing on the NYSE American exchange. It does not affect any shareholder's proportionate ownership interest or voting rights, except for minor rounding adjustments.
Further details regarding the Consolidation and special meeting will be included in the management information circular to be filed and mailed to shareholders in accordance with applicable securities laws.
About Pineapple
Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.
Follow us on social media:
Instagram: @pineapplemortgage @empoweredbypineapple
Facebook: Pineapple Mortgage
LinkedIn: Pineapple Mortgage
Safe Harbor Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
Media Contact:
For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.
Email: shubha@gopineapple.com
Related Links:
https://gopineapple.com
http://empoweredbypineapple.com
Investor Relations Contact:
For investor relations inquiries, please contact Pineapple Financial Inc.
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