UNRV - Unrivaled Brands Announces Successful Completion of Reorganization and Reverse Stock Split | Benzinga
SANTA ANA, Calif., Jan. 16, 2024 (GLOBE NEWSWIRE) -- Unrivaled Brands, Inc. (OTCQB:UNRV) ("UNRV," "Unrivaled Brands," "Company," "we" or "us"), a cannabis company with operations throughout California, is pleased to announce the successful completion of its strategic reorganization and reverse stock split. This marks a significant milestone in the Company's growth and development strategy.
On January 12, 2024, UNRV completed its previously announced reorganization merger. Pursuant to such reorganization, Blum Holdings, Inc., a Delaware corporation ("Blüm") is now the parent company of UNRV and has replaced UNRV as the publicly held corporation. The directors and officers of UNRV immediately prior to the reorganization now serve as the directors and officers of Blüm, and business operations continue from our current office locations and companies. The reorganization was completed in an effort to strategically position the Company to capitalize on growth opportunities.
Immediately prior to the completion of the reorganization, on January 12, 2024, UNRV implemented a reverse stock split of its common stock at a 1-for-100 ratio.
Pursuant to the reorganization, each share of UNRV's common stock and preferred stock outstanding immediately prior to the effective time (and immediately following the reverse stock split) has automatically converted into equivalent shares of Blüm's common stock and preferred stock, respectively, and Blüm's common stock will trade on the OTCQB tier of the OTC Markets under the symbol ...