California Weed Co. Wraps Up Strategic Reorganization, This Is Unrivaled's New Name
Portfolio Pulse from Jelena Martinovic
Unrivaled Brands, Inc. (OTCQB:UNRV) has completed a strategic reorganization, with Blum Holdings, Inc. becoming its parent company. UNRV implemented a 1-for-100 reverse stock split of its common stock on Jan. 12. Post-reorganization, UNRV shares have converted to Blüm's common stock, which will trade under the symbol 'BLMH' on the OTCQB. The company's Q3 financials showed a revenue drop of 11.4% YoY to $8.6 million, but a reduced net loss of $3.4 million compared to the previous year's $119.9 million. UNRV shares were down 7.41% at $0.0075 per share.
January 16, 2024 | 11:17 pm
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Unrivaled Brands has completed its strategic reorganization, resulting in Blum Holdings becoming the parent company and a reverse stock split. The company's Q3 report showed a decrease in revenue but a significant reduction in net loss.
The reorganization and reverse stock split are significant corporate actions that typically lead to short-term negative sentiment as investors may view them as signs of distress. The drop in share price reflects this sentiment. However, the reduction in net loss could be a positive sign for the company's future.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100