iAnthus Converts All Class A Shares To Common Shares

Cannabis company iAnthus Capital Holdings, Inc. IAN ITHUF announced Tuesday that it has converted all of its issued and outstanding Class A convertible restricted voting shares to common shares.

The company converted 13.56 million Class A shares to 13.56 million common shares and filed with Canada's SEDI. It said there are no remaining Class A shares outstanding.

“We believe that all our shareholders are well-served by transparency. With this change, we are effectively eliminating our dual-class equity structure with different voting rights and moving to one class of common," CEO Hadley Ford said in a statement.

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"Unlike multiple voting share structures which are prolific in the industry and aggregate voting power in the hands of certain controlling shareholders, our capital structure is simple. "

All Class A shares were converted to common shares in an even exchange, and shareholders have the same voting power for each common share held, Ford said.

"We believe this structure is simple and easier for shareholders to understand and will clearly align all shareholders by having all shareholders owning the same class." 

The company owns and runs licensed cannabis companies across 11 states, offering investors diversified exposure to the U.S. regulated cannabis industry.  

The stock closed Monday’s session down 4.69% at $2.03 per share.

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