California marijuana company Unrivaled Brands is now under the Blüm Holdings umbrella after completing a previously announced strategic reorganization and reverse stock split.
The deal was designed to position the company for growth, according to a news release.
The corporate reorganization was announced in October.
Unrivaled, which operates several cannabis brands such as Korova and four stores, implemented a reverse stock split of its common stock at a ratio of 1-for-100 on Jan. 12.
The company formerly traded as UNRV on the over-the-counter markets.
Common stock and preferred stock shares of Unrivaled were converted into shares of Blüm, which will trade on the over-the-counter markets as BLMH.
UNRV stockholders must surrender their original certificates to West Coast Stock Transfer for the shares to be distributed.
Blüm’s common stock has a new CUSIP number – 09642F 101 – and the Delaware-based corporation is now Unrivaled’s parent company.
All directors and officers will now serve as officers and directors of Blüm, and business will continue at Unrivaled’s current locations.