- Harborside (HBOR) has announced a reclassification of all of its issued and outstanding subordinate voting shares
- Haborside will change its name and symbol to StateHouse Holdings Inc. (STHZ)
- Harborside operates in the recreational and/or medicinal cannabis marketplace in the State of California and the State of Oregon
- Harborside Inc. is down 4.35 per cent, trading at $0.44 at 12:42 ET
Harborside (HBOR) has announced a reclassification of all of its subordinate voting shares to common shares in the capital of the issuer.
The reclassification is taking place as a as a follow-up to the mandatory conversion of all of the issued and outstanding multiple voting shares of the company (MVS), which was effective as of March 31, 2022.
As a result, no multiple voting shares will be issued and outstanding at the time of the reclassification.
In line with the reclassification, shareholders will receive one common share for every SVS held.
The reclassification will also apply to the SVS underlying the issued and outstanding SVS purchase warrants and MVS purchase warrants of the issuer, which are currently exercisable based on one SVS warrant for one SVS and, in lieu of the mandatory conversion, one MVS warrant for 100 SVS.
Accordingly, following the reclassification: (i) holders of SVS warrants will be entitled to receive one common share on the exercise of one SVS warrant; and (ii) holders of MVS warrants will be entitled to receive 100 common shares on the exercise of one MVS Warrant.
In addition to the reclassification, the issuer will change its name and symbol to StateHouse Holdings Inc. (STHZ).
The shares of the company will begin trading under the new name and symbol and with a new CUSIP number on July 25, 2022.
The company explained that all open orders will be cancelled at the end of business on July 22, 2021. Dealers are reminded to re-enter their orders.
Harborside both directly and indirectly engages in the manufacture, possession, use, sale or distribution of cannabis in the recreational and/or medicinal cannabis marketplace in the State of California and the State of Oregon.
Harborside Inc. is down 4.35 per cent, trading at $0.44 at 12:42 ET.