Tilray Brands (TLRY) said Thursday it will hold a special stockholders meeting on June 10, at which time shareholders will vote on a proposed reverse stock split at a ratio between 1-for-10 and 1-for-20, with the final ratio to be set by the company's board of directors.
CEO Irwin D. Simon said the reverse stock split is expected to cut the company's cost structure by over $1 million on an annual run rate basis.
Tilray said it has reduced debt by $76 million since June 2024 and reported over $248 million in cash and marketable securities as of Feb. 28.
Tilray Brands shares were over 2% lower in recent premarket activity.