California cannabis company Unrivaled Brands, Inc. (OTCQB:UNRV) announced on Tuesday that it has wrapped up its previously announced strategic reorganization. Before that, on Jan. 12, UNRV implemented a reverse stock split of its common stock at a 1-for-100 ratio.
The move marks a milestone in the company's growth and development strategy, the Santa Ana-based Unrivaled Brands said in a press release.
Under the reorganization deal that seeks to position the company to capitalize on growth opportunities., Blum Holdings, Inc., a Delaware corporation company is now the parent company of UNRV.
Moreover, 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, under the deal.
Blüm's common stock will trade on the OTCQB tier of the OTC Markets under the symbol "BLMH."
Additionally, directors and officers of UNRV immediately prior to the reorganization transitioned to serve as the directors and officers of Blüm,
In its third-quarter financial report, the company revealed that it has settled a $4.12 million debt including interest, penalties and a related motion for summary judgment. While its revenue dropped 11.4% year-over-year drop in revenue to $8.6 million for the period, Unrivaled managed to cut a net loss to $3.4 million, compared to a $119.9 net loss in the prior year's period.
In July, the company appointed its CEO, Sabas Carrillo as the chairman of the board.
See also: Unrivaled Brands Revenue Declines 44% YoY In Q2, Profit Follows Suit
UNRV Price Action
Unrivaled Brands' shares traded 7.41% lower at $0.0075 per share at the time of writing on Tuesday.
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