[PRESS RELEASE] – NEW YORK and LEAMINGTON, Ontario, April 17, 2025 – Tilray Brands Inc., a global lifestyle and consumer packaged goods company at the forefront of beverage, cannabis and wellness industries, announced a special meeting of stockholders to be held on June 10, 2025. This special meeting can be heard via a live audio webcast on Tilray.com’s investor page.
The stockholders at the meeting will vote on an amendment of Fifth Amended and Restated Certificate of Incorporation of company to reverse the stock split of common shares in the ratio of 1:10 to 1:20. The board will decide the ratio, within the range of 1-to-10 to 1-to-20. This does not reduce the number authorized of shares.
Irwin D. Simon is the Chairman and Chief Executive Officer of Tilray. He said: “The reversed stock split better aligns Tilray’s shares outstanding to companies with our size and scale.” The higher price of the share will ensure that Tilray is in compliance with Nasdaq’s listing requirements. It also allows Tilray to carry out its strategic plans. This decision is expected to help Tilray’s future efforts to increase trading volume, retain and attract institutional investors and reduce our annual cost structure by $1 million. We are confident in our team and strategy to provide long-term shareholder value.
It is also expected that the reverse split will reduce Tilray’s expenses associated with its annual shareholders meeting.
Tilray’s financial structure
Tilray has reduced its outstanding debt by $76m in the first half of fiscal 2025. Net debt is therefore less than one times trailing 12 month adjusted EBITDA. Tilray’s balance sheet, as at the end of its most recent quarterly period, ending February 28, 2025 had cash and marketable security balances of over $248 million. These assets give the company financial strength to make strategic acquisitions and pursue other opportunities.
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The definitive proxy statement of the company, available at Tilray.com, contains important information about the meeting and includes detailed instructions on how to attend.