Ascend Wellness Takes Step Toward U.S. Exchange Listing, Gets Green Light For Reverse Stock Split

Ascend Wellness Holdings’ (CSE: AAWH-U) (OTCQX: AAWH) shareholders approved a reverse stock split in an August 28 vote. The move brings the company closer to a potential listing on a major U.S. stock exchange.

What Happened

Ascend’s shareholders approved the proposal with 112.3 million votes in favor, compared with 1.39 million against and 6,371 withheld. The meeting had representation of 113.7 million shares, which was enough to meet the quorum requirement, according to the company’s SEC filing.

The company’s board is now authorized to execute a reverse split of its Class A common shares at any ratio between 1-for-10 and 1-for-50. 

Why It Matters

Ascend said the reverse split is intended to help satisfy the share-price requirements for such a listing on a major U.S. exchange.

The company’s shares currently trade on the OTCQX 2.03% higher at $0.403 per share. Both the Nasdaq Stock Market and the New York Stock Exchange require listed companies to maintain a minimum closing bid or average price of $1 per share.

The listing would broaden Ascend’s investor base, improve access to capital and increase liquidity, according to the company.

“With this approval in hand, we are better positioned for a listing on a major U.S. exchange,” Sam Brill, the company’s CEO and director, said in a press release. “When conditions allow, we are ready to act on terms that are right for our business.”

The company has about 203 million Class A shares outstanding, while the company has 750 million shares authorized.

The reverse split would not dilute shareholders. It would reduce the number of shares outstanding while proportionally increasing the price of each share, without changing the company’s underlying market value and shareholders’ ownership percentages.

What’s Next

The board’s authorization is set to expire on the earlier of August 28, 2027, and up until then the board can either select a final ratio or effective date or decide not to proceed with the transaction. 

In order to get listed on a major U.S. exchange, the company still has to satisfy the exchange’s other listing requirements.

In addition, cannabis operators in the U.S. are still facing regulatory complications with marijuana remaining federally controlled.

Ascend recently reported net revenue of $126.1 million in the second quarter of 2026, representing an increase of 7.9% sequentially. Adjusted EBITDA came in positive at $29.1 million, compared to $26.3 million in the previous quarter.

The company also scaled its retail footprint to 55 locations, up from 48 at the end of the first quarter.