cbdMD, Inc. announced on April 21, 2025, the effective dates for its transformative capital restructuring. The automatic conversion of its 8% Series A Cumulative Convertible Preferred Stock into common stock will be effective at 4:01 p.m. Eastern Time on May 6, 2025.
Following shareholder approval, each share of Preferred Stock will convert into thirteen shares of Common Stock, including all accumulated and unpaid dividends. Immediately after this conversion, a one-for-eight reverse stock split of the company's common stock will become effective at 4:02 p.m. Eastern Time on May 6, 2025.
The common stock will begin trading on a post-split basis when the market opens on May 7, 2025. This combined action will consolidate the number of issued and outstanding common shares from approximately 71.26 million to about 8.91 million, with fractional shares rounded up. This move is expected to strengthen the balance sheet and ensure full compliance with NYSE American listing standards.
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