British Columbia-based Tilray amended its bylaws to reduce the required quorum for shareholder meetings, the cannabis producer said in a news release.
The move comes one day after the company postponed a special meeting regarding its pending merger with Aphria, effectively giving stockholders additional time to vote on the business combination.
This means the required quorum for shareholder meetings has been reduced from 50%-plus-one of shareholders to 33% of shareholders.
An analyst told Marijuana Business Daily that Tilray might have delayed the vote and amended its bylaws because the company was concerned it wouldn’t achieve the minimum quorum needed for the meeting to happen.
The analyst speculated that was because the company’s shareholder base is composed of too many retail investors, which creates volatility since stock changes hands frequently, making it harder to get shareholders to vote.
Tilray’s meeting is now scheduled for April 30.
Shareholders who held stock as of March 12 are eligible to vote, according to the release.
Aphria shareholders overwhelmingly approved the merger on Wednesday. The business combination was approved by 99.38% of votes cast, which represented roughly 34.43% of Aphria shares, the company said.
The plan to merge the companies was announced in December.