Tilray said it was evaluating several options, including, but not limited to, a stockholder-approved reverse stock split to address capital structure and maintain adherence to Nasdaq’s continued listing requirements.
Tilray Brands’ (TLRY) shares rose nearly 1% in Thursday’s premarket after the company announced that it has submitted an application requesting an extension to regain compliance with Nasdaq’s listing standards regarding its price per share.
The cannabis company is evaluating several options, including, but not limited to, a stockholder-approved reverse stock split to address capital structure and maintain adherence to Nasdaq’s continued listing requirements.
The retail user message count on the stock was 1,702 in the last 24 hours on Stocktwits after Tilray Medical on Wednesday announced its wholly-owned subsidiary has entered into a strategic partnership with an Italian pharmaceutical firm to broaden the availability of cannabis extracts for patients across Italy.
Retail sentiment on Tilray Brands remained unchanged in the ‘extremely bullish’ territory, with chatter at ‘extremely high’ levels, according to data from Stocktwits.
“Tilray’s trading levels have appreciated in recent weeks following President Trump’s review of cannabis rescheduling. We believe this market reaction reflects investors’ confidence in Tilray’s diversified global platform and our ability to capitalize on a more favorable regulatory environment,” CEO Irwin Simon said.
U.S. President Donald Trump confirmed on Monday that he was looking at reclassifying marijuana and may announce his final decision in the next few weeks.
He added that Tilray has multiple options to meet Nasdaq’s requirements. With this extension request, the company is giving the market additional time to demonstrate its confidence in Tilray’s long-term strategy, Simon added.
A bullish user on Stocktwits noted that requesting an extension to regain compliance is a “smart move” and “boosts investor confidence.”
Tilray stock has lost 6% of its value so far this year and has declined nearly 35% in the last 12 months.
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