[PRESS RELEASE] – NEW YORK, Aug. 31, 2026 – Ascend Wellness Holdings Inc. (AWH), a multistate, vertically integrated cannabis operator and consumer packaged goods company, announced that its stockholders approved an amendment to the company's certificate of incorporation to effect a reverse stock split of the company's Class A common stock at the company's special meeting of stockholders held virtually on Aug. 28, 2026.
"With this approval in hand, we are better positioned for a listing on a major U.S. exchange. When conditions allow, we are ready to act on terms that are right for our business," Ascend CEO and Director Sam Brill said. "I want to thank our shareholders for their continued support and for their belief in what we are building at Ascend."
Voting Results
Of the 203,033,639 Class A common shares outstanding as of the July 7, 2026, record date, holders of 113,702,839 shares, or approximately 56%, were represented in person or by proxy at the special meeting, constituting a quorum. Approval of the reverse stock split required the affirmative vote of a majority of the outstanding Class A common shares.
| Shares | % of Outstanding | |
| For | 112,305,378 | 55.3 % |
| Against | 1,391,090 | 0.7 % |
| Abstain | 6,371 | ~0.0% |
Stockholders also approved a related proposal to adjourn the special meeting to solicit additional proxies, though adjournment was not necessary. Final voting results will be reported in a current report on Form 8-K filed with the U.S. Securities and Exchange Commission.
Next Steps
Stockholder approval authorizes the company's board of directors to determine whether and when to implement the reverse stock split at a ratio of between 1-for-10 and 1-for-50, at its discretion. The exact ratio would be determined in connection with the company's planned application to list the Class A common shares on a national securities exchange.
The board may also determine not to implement the reverse stock split. The board's authority to effect the reverse stock split will expire on the earlier of Aug. 28, 2027, or the listing of the Class A common shares on a national securities exchange. If implemented at a ratio greater than 10-to-1, the approval also constitutes stockholder approval for purposes of Canadian Securities Exchange (CSE) Policy 4, as referenced by CSE Policy 9, subject to any required CSE acceptance.
The reverse stock split itself would not change the value of any stockholder's investment. Stockholders would hold fewer shares following the reverse stock split, each with a proportionally higher value, and percentage ownership and voting power would remain unchanged, except for minor adjustments resulting from the rounding up of fractional shares. There can be no assurance that the company will be listed on a U.S. national securities exchange or that the reverse stock split will result in a sustained increase in the trading price of the Class A common shares.
No action is required by stockholders at this time. The company will provide further details, including the final ratio and effective date, if and when the board determines to implement the reverse stock split.
Stockholders with questions may contact the company's transfer agent, Odyssey Trust Co., at (888) 290-1175 or [email protected].
