Lucy Scientific Discovery Inc. Announces 1-for-10 Reverse Stock Split to Regain Compliance with Nasdaq Minimum Bid Requirement
16 Febrero 2024 - 3:05PM
Business Wire
Lucy Scientific Discovery Inc. (NASDAQ: LSDI), a Company
dedicated to advancing the understanding and applications of
psychotropic medicines, improving mental health outcomes, and
enhancing well-being for individuals worldwide announces that the
Company will effect a one-for-ten (1-10) reverse split of its
common shares. The Company is effecting the reverse split in an
effort to regain compliance with the $1.00 minimum bid price
required for continued listing on The Nasdaq Capital Market under
Nasdaq Listing Rule 5550(a)(2).
The reverse share split will become effective on Monday,
February 26, 2024 (the “Effective Date”), and the shares are
expected to begin trading on the split-adjusted basis on the Nasdaq
Stock Exchange (“Nasdaq”) under the Company's existing trading
symbol “LSDI” at the market open on February 26, 2024. In
conjunction with the reverse split, the new CUSIP number will be
54960E203.
On the Effective Date, every 10 issued and outstanding shares of
the Company’s Common Stock will be converted automatically into one
share of the Company’s Common Stock without any change in the par
value per share.
About Lucy Scientific Discovery Inc.
Lucy Scientific Discovery Inc. (NASDAQ: LSDI) is a Nasdaq-listed
company with holdings and operations in a variety of psychotropic
businesses. Lucy Scientific Discovery Inc. is dedicated to
advancing the understanding and applications of psychotropic
medicines, improving mental health outcomes, and enhancing
well-being for individuals worldwide.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements.
Forward-looking statements give our current expectations or
forecasts of future events. You can identify these statements by
the fact that they do not relate strictly to historical or current
facts. Forward-looking statements involve risks and uncertainties
and include statements regarding, among other things, our ability
to regain compliance with Nasdaq’s minimum bid price listing rule,
projected revenue growth and profitability, our growth strategies
and opportunity, anticipated trends in our market and our
anticipated needs for working capital. They are generally
identifiable by use of the words "may," "will," "should,"
"anticipate," "estimate," "plans," "potential," "projects,"
"continuing," "ongoing," "expects," "management believes," "we
believe," "we intend" or the negative of these words or other
variations on these words or comparable terminology. In particular,
these include statements relating to future actions, prospective
products, market acceptance, future performance, results of current
and anticipated products, sales efforts, expenses, and the outcome.
Most of these factors are outside Lucy’s control and are difficult
to predict. Factors that may cause actual future events to differ
materially from the expected results, include, but are not limited
to: (i) the occurrence of any event, change or other circumstance
that could give rise to the legality of this consumer product, (ii)
inability to recognize the anticipated benefits of the opportunity,
which may be affected by, among other things, competition and the
ability of the company to grow and manage growth profitability,
(iii) costs related to the production, (iv) the ability to
implement business plans, forecasts, and other expectations of the
opportunity, as well as identify and realize additional
opportunities, (v) the outcome of any legal proceedings that may be
instituted against Lucy following the announcement of the new
product line, and (vi) other risks and uncertainties indicated in
the filings that are made from time to time with the SEC by Lucy
(including those under the “Risk Factors” sections therein).
These statements are based on our management's expectations,
beliefs and assumptions concerning future events affecting us,
which in turn are based on currently available information. These
assumptions could prove inaccurate. Although we believe that the
estimates and projections reflected in the forward-looking
statements are reasonable, our expectations may prove to be
incorrect.
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version on businesswire.com: https://www.businesswire.com/news/home/20240216027267/en/
Investor Contact: Addo Investor Relations, Inc.
lucyscientific@addo.com
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