VANCOUVER, British Columbia - Lucy Scientific Discovery (NASDAQ:WBD) Inc. (NASDAQ:LSDI), a company focused on psychotropic medicine research, announced it will implement a reverse stock split in an effort to comply with Nasdaq's minimum bid price requirement. The reverse split, at a ratio of one-for-ten, is scheduled to take effect on the morning of February 26, 2024, when shares will start trading on a split-adjusted basis under the ticker LSDI.
The move aims to boost the company's stock price to meet the $1.00 minimum bid price mandated by Nasdaq Listing Rule 5550(a)(2). Each ten shares of issued and outstanding common stock will automatically convert into one share, with no change to the par value per share. The new CUSIP number post-split will be 54960E203.
Lucy Scientific operates in various sectors within the psychotropic drug industry and strives to improve mental health outcomes and individual well-being globally. This reverse stock split is part of the company's strategy to maintain its listing on The Nasdaq Capital Market.
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