Tilray Brands falls on reverse stock split plan

Shares of cannabis firm Tilray Brands TLRY.O down 6% at 45 cents premarket

Co says it will hold a special meeting on June 10 in order to implement a reverse stock split of its common stock at a ratio ranging between 1-to-10 and 1-to-20

Says the exact ratio within the range will be determined by the Board of Directors, without reducing the authorized number of shares of its common stock

"Looking ahead, we expect this decision to aid in the Company’s efforts to stabilize trading levels, attract and retain institutional shareholders, and decrease our cost structure by over $1 million on an annual run rate basis" says CEO Irwin Simon

Up to last close, shares down 64.2% YTD