Why Did Akanda (AKAN) Shares Soar 45% After‑Hours?

Akanda Corp. (NASDAQ:AKAN) shares rose 44.86% in after-hours trading on Thursday, reaching $1.37.

Check out the current price of AKAN stock here.

The stock closed Thursday at $0.95, falling 6.33%, according to Benzinga Pro data.

Shareholders Approve Share Consolidation

Shareholders approved a share consolidation proposal, according to an SEC filing submitted on Tuesday.

The resolution authorizes the board to carry out one or more share consolidations at ratios ranging from two pre-consolidation shares for one post-consolidation share to 100 pre-consolidation shares for one post-consolidation share, with a cumulative maximum of 100-for-1.

The consolidations must occur before either the meeting's 12-month anniversary or the next annual shareholders meeting, whichever comes first.

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First Towers Transaction Approved

Shareholders also authorized issuance of 4.77 million Class B Special Shares to former First Towers & Fiber Corp. shareholders, complying with NASDAQ listing rules for issuing 20% or more of outstanding shares as of Aug. 21

First Towers & Fiber Corp. is a telecommunications infrastructure company that was acquired by Akanda in August.

Debt Settlement Share Issuance Passes

The third proposal was approved, authorizing 732,384 common shares tied to Class B Special Shares issued under debt settlement agreements dated Aug. 19, along with up to 27.3 million common shares upon conversion of six-year convertible promissory notes totaling $4.90 million in principal.

Interim CEO and Director Katie Field signed the filing for the Toronto-based company.

Stock Performance

AKAN shares are down 82.08% year to date.

Akanda Corp. has a market capitalization of $689,030, with its stock trading between $0.88 and $9.29 over the past 52 weeks.

Benzinga Edge Stock Rankings indicate that AKAN stock has a negative price trend across all time frames. Track the performance of other players in this segment.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.