$NEPT .147 (MT Newswires) All Content and Data
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Posted On: 06/08/2022 9:20:11 AM
$NEPT .147 (MT Newswires)
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Neptune Wellness Down More Than 6%, Near 52 Week Lows As Launches New CPG-Focused Strategic Plan to Improve Path to Profitability; Separately, Announced Share Consolidation
MT NEWSWIRES 9:08 AM ET 6/8/2022
Symbol Last Price Change
NEPT 0.147up 0 (0%)
QUOTES AS OF 04:00:00 PM ET 06/07/2022
09:08 AM EDT, 06/08/2022 (MT Newswires) -- Neptune Wellness Solutions Inc.(NEPT) , a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, was at last look down more than 6% and near 52 week lows on Wednesday as it launched a new Consumer Packaged Goods (CPG) focused strategic plan to "reduce costs, improve the company's path to profitability and enhance current shareholder value."
According to a statement, this plan builds on the company's initial strategic review that took place in fall of 2021 and focuses on two primary actions: the planned accelerated divestiture of the Canadian cannabis business and a "realignment of focus and operational resources toward increasing the value of Neptune's consumer products business, which the company believes is showing greater potential." These actions are also intended to preserve resources towards meeting its funding requirements in the near-term while driving long-term profitability and growth, it added.
Separately, NEPT said it has received conditional approval of the Toronto Stock Exchange with respect to the company's proposed consolidation of its common shares on the basis of one post-consolidation Common Share for every 35 pre-consolidation Common Shares. The consolidation was previously approved by the board of directors of the company on June 3, 2022. Each fractional Common Share remaining after completion of the consolidation that is less than one whole of a Common Share will be increased to one whole Common Share. The consolidation will reduce the number of Common Shares issued and outstanding from approximately 198 million Common Shares to approximately 5.7 million Common Shares.
The consolidation is subject to the final approval of the TSX, along with other customary conditions relating to the Consolidation. The precise effective date of the consolidation and the date upon which the Common Shares will begin trading on the NASDAQ and the TSX on a post-Consolidation basis will be announced at a later date.
MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
©http://www.mtnewswires.com Copyright © 2022 MT Newswires. All rights reserved.
All Content and Data provided by Third-Parties — Terms of Use
Neptune Wellness Down More Than 6%, Near 52 Week Lows As Launches New CPG-Focused Strategic Plan to Improve Path to Profitability; Separately, Announced Share Consolidation
MT NEWSWIRES 9:08 AM ET 6/8/2022
Symbol Last Price Change
NEPT 0.147up 0 (0%)
QUOTES AS OF 04:00:00 PM ET 06/07/2022
09:08 AM EDT, 06/08/2022 (MT Newswires) -- Neptune Wellness Solutions Inc.(NEPT) , a diversified and fully integrated health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands, was at last look down more than 6% and near 52 week lows on Wednesday as it launched a new Consumer Packaged Goods (CPG) focused strategic plan to "reduce costs, improve the company's path to profitability and enhance current shareholder value."
According to a statement, this plan builds on the company's initial strategic review that took place in fall of 2021 and focuses on two primary actions: the planned accelerated divestiture of the Canadian cannabis business and a "realignment of focus and operational resources toward increasing the value of Neptune's consumer products business, which the company believes is showing greater potential." These actions are also intended to preserve resources towards meeting its funding requirements in the near-term while driving long-term profitability and growth, it added.
Separately, NEPT said it has received conditional approval of the Toronto Stock Exchange with respect to the company's proposed consolidation of its common shares on the basis of one post-consolidation Common Share for every 35 pre-consolidation Common Shares. The consolidation was previously approved by the board of directors of the company on June 3, 2022. Each fractional Common Share remaining after completion of the consolidation that is less than one whole of a Common Share will be increased to one whole Common Share. The consolidation will reduce the number of Common Shares issued and outstanding from approximately 198 million Common Shares to approximately 5.7 million Common Shares.
The consolidation is subject to the final approval of the TSX, along with other customary conditions relating to the Consolidation. The precise effective date of the consolidation and the date upon which the Common Shares will begin trading on the NASDAQ and the TSX on a post-Consolidation basis will be announced at a later date.
MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.
©http://www.mtnewswires.com Copyright © 2022 MT Newswires. All rights reserved.
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