Psyence (CSE) Group Inc. told its investors it would consolidate all the issued and outstanding shares on a basis of 15 common shares per existing share into one common share with an effective date of April 23rd, 2025. Due to the consolidation, issued and unissued shares are expected to be approximately 9,387.695 by the date of effective implementation.
The second consolidation in recent times has been done by Psyence. Psyence’s Nasdaq listed associate Psyence biomedical (Nasdaq PBM) implemented a consolidation of 75 shares for 1 in November as it worked to keep its Nasdaq listing.
Psyence reported its earnings for February, when it had a loss of C$3million and the company was still a “going concern”. The company stated that it has not achieved profitability and has accrued losses totaling C$48.982.320.
At the end of 2020, total assets were C$119444478. These consisted primarily of cash and equivalents worth C$10611113, other receivables amounting to C$159808, investments in PsyLabs at C$1,071,981 as well as prepaids for C$68243.
Still, Psyence is moving forward. Psyence said that historically, it secured funding via share issuances or convertible debentures. It continues to look for new ways to finance its operations and strategy initiatives. Based on these actions,
In its latest financial report, it stated that the company believed it would have enough resources to pay its debts as soon as they became due.
According to the firm, the merger will give them greater flexibility in developing their business.