Exactus Inc. will implement a 1-for-8 reverse split of its common stock to position the company for a potential listing on a national exchange.
Common shares of the Glen Allen, Va.-based healthcare company, which produces hemp-derived cannabidiol, will start trading on a split-adjusted basis at market open on March 11. The company is listed on the OTCQB.
The company's stock will trade under the symbol EXDID for 20 trading days following the reverse split, after which the trading symbol will revert to EXDI.
Exactus' issued and outstanding shares will be reduced to about 25,575,482 shares after the reverse split from about 204,603,855 shares.
Exactus CEO Phil Young said, "Given our recent transition into a commercially focused hemp derived CBD company, we feel this split is occurring at the appropriate time as we transition into a revenue-generating company with a goal to list on a national exchange."