Tilray Brands pauses stock-split plan despite shareholder approval
Beverages-to-cannabis business Tilray Brands has 'paused' plans to reduce the number of market-traded shares as the company assesses its options.
While Nasdaq-listed Tilray Brands said in a statement yesterday (10 June) that the reverse stock split has been approved by its shareholders, the North American business is holding back from proceeding.
The beers and energy drinks maker said it was 'exploring all options related to timing of the reverse split as it evaluates timing and stock price'.
Tilray Brands' shares have dived since the company went public in 2018 and were trading at 42 US cents yesterday, compared to the IPO price of $17.
One of the reasons cited yesterday by New York-headquartered Tilray Brands for the stock split was 'ensuring compliance' with Nasdaq listing rules, which require traded companies to maintain a minimum bid price of $1.
Media speculation suggests the reason for the shares' collapse is linked more with the US cannabis industry, where some states have legalised its use for medicinal and/or recreational purposes but it is not legal at the federal level.
The state of Texas is now moving to ban the use of THC products, while there is some doubt as to whether President Donald Trump will legalise pot.
Cannabis use is legal in Canada, where Tilray Brands operates out of Leamington in Ontario.
Bloomberg reported that the pessimism around cannabis use is evident in what the news agency said was the largest exchange-traded fund tracking the legal weed industry.
The AdvisorShares Pure US Cannabis ETF, traded at around $2.37, down 96% from the closing high of $55.05 in February 2021, Bloomberg said.
It quoted Roth Capital Partners analyst Bill Kirk as saying in an interview: 'There's been this carrot that's been dangling in front of this industry for so long, and it's been a mirage. If the carrot's there, it's rotten at this point. No one's chasing it anymore, no one believes it's going to come to pass.'
Tilray Brands, which owns a slate of breweries such as Atwater, Alpine and Hop Valley, made no mention of the cannabis industry yesterday as it seeks to purse a reverse stock split in a range of 1 for ten to 1 for 20 shares.
'Upon implementation of the reverse stock split, the company believes it would be well positioned for strategic opportunities and acquisitions given its strong balance sheet,' said the statement.
As well as complying with Nasdaq listing rules, Tilray Brands said the split would better align the number of outstanding shares with 'companies of its size and scope' and make the business 'more attractive to institutional shareholders'.
However, Bloomberg pointed out that Tilray Brands had a market capitalisation of almost $20bn in 2018 when it went public but that is now less than $500m.
Meanwhile, Tilray Brands cut its sales forecast for fiscal 2025 in April, citing 'adjustments for constant currency and the impacts of the strategic initiatives and SKU rationalisation'.
In January, the business announced plans to cut more than 300 SKUs as part of a wider programme dubbed Project 420 through which Tilray Brands was looking to find synergies to boost the profitability of its drinks division.
The Hi*Ball Energy drinks producer lowered its revenue guidance to $850m-$900m, from $950m to $1bn previously.
"Tilray Brands pauses stock-split plan despite shareholder approval" was originally created and published by Just Drinks, a GlobalData owned brand.
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Embryo-fetal toxicity: Revuforj can cause fetal harm when administered to a pregnant woman. Advise pregnant women of the potential risk to a fetus. Advise females of reproductive potential and males with female partners of reproductive potential to use effective contraception during treatment with Revuforj and for 4 months after the last dose of Revuforj. ADVERSE REACTIONS Fatal adverse reactions occurred in 4 (3%) patients who received Revuforj, including 2 with differentiation syndrome, 1 with hemorrhage, and 1 with sudden death. Serious adverse reactions were reported in 99 (73%) patients. The most frequent serious adverse reactions (≥5%) were infection (24%), febrile neutropenia (19%), bacterial infection (17%), differentiation syndrome (12%), hemorrhage (9%), and thrombosis (5%). 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Words such as "anticipate," "believe," "could," "estimate," "expects," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or the negative or plural of those terms, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Syndax's expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the progress, timing, clinical development and scope of clinical trials, the reporting of clinical data for Syndax's product candidates, the acceptance of Syndax and its partners' products in the marketplace, sales, marketing, manufacturing and distribution requirements, and the potential use of its product candidates to treat various cancer indications and fibrotic diseases. Many factors may cause differences between current expectations and actual results, including: unexpected safety or efficacy data observed during preclinical or clinical trials; clinical trial site activation or enrollment rates that are lower than expected; changes to Revuforj's or Niktimvo's commercial availability; changes in expected or existing competition; changes in the regulatory environment; failure of Syndax's collaborators to support or advance collaborations or product candidates; and unexpected litigation or other disputes. Other factors that may cause Syndax's actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Syndax's filings with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein. Except as required by law, Syndax assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available. All other trademarks are the property of their respective owners. References Döhner H, et al. Genetic risk stratification and outcomes among treatment-naive patients with AML treated with venetoclax and azacitidine. Blood 2024; 144 (21): 2211– 222. Gangat N, et al. Mayo Genetic Risk Models for Newly Diagnosed Acute Myeloid Leukemia Treated With Venetoclax + Hypomethylating Agent. Am J Hematol. 2025;100(2):260-271. Syndax Contact Sharon KlahreSyndax Pharmaceuticals, Tel 781.684.9827 SNDX-G
