Harborside Inc (OTCMKTS: HBORF) has announced that it will convert its outstanding and issued multiple voting shares to subordinate shares. This move comes after the company implemented some amendments to its articles. The company removed some restrictions on multiple voting share conversion to subordinate voting shares.
Details of the conversion
After the conversion, investors who hold mandatory voting shares will get 100 subordinate voting shares for each multiple hiring share. Before this can happen, the investor will have to give Harborside the information it requests. This conversation could take place on March 31, 2022.
According to the Interim CEO and Chairman of the Board at Harborside, Mathew Hawkins, this conversion results from requests from shareholders. The company’s shareholders want to increase liquidity. They also prefer a more straightforward capital structure.
Hawkins reminds investors that the company is still transitioning from Harborside to StateHouse Holdings Inc. After much thought and research, it believes that changing its capital structure will make it more attractive to investors.
When Harborside finishes the mandatory conversion, it will no longer be a foreign private issuer per the security laws in the U.S. For this reason, the company will have to register per the Securities Exchange Act of 1934.
After this, Harborside will be required to follow guidelines from the Securities and Exchange Commission (SEC) in reporting. For example, the company will report its financial data and statements under the GAAP.
Harborside is a cannabis company that focuses on cultivating, nursery, manufacturing, distributing, and retail. It is also one of the most prominent cannabis companies in California, where it began in 2006.
Harborside opened after the U.S gave it one of its first medical cannabis licenses. Since then, the company has opened a significant dispensary in Oregon, one in Palm Springs with a drive-thru window, one in Palm Springs, and three in the San Francisco Bay Area. Its dispensaries are under the Harborside and Terpene Station brands.
The company also has distribution facilities in California, Los Angeles, and San Jose. Moreover, its manufacturing facility is in Oakland. Harborside sells cannabis and cannabis-infused products under the KEY, Harborside Farms Reserve, Harborside, and Harborside Farms brands.
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