Toronto, Ontario--(Newsfile Corp. - July 15, 2025) - Pineapple Financial Inc. (OTC Pink: PAPLF) ("Pineapple", or the "Company"), a Canadian mortgage technology and brokerage company, today announced that it will implement a 1-for-20 reverse stock split of its common shares, effective as of 12:01 AM, July 16th, 2025, ET.
As a result of the reverse split, every 20 issued and outstanding common shares will be automatically combined into one common share. The number of authorized shares will not change. No fractional shares will be issued, and any fractional shares resulting from the reverse-split will be rounded up to the nearest whole share. Following the reverse split, the number of outstanding common shares will adjust from 20,092,025 common shares to 1,004,675 common shares.
One of the primary goals of the reverse stock split is to increase the per-share market price of the Company's common shares to enable the Company to regain compliance with the NYSE American's Listing Qualifications. The Company's common shares will trade on the OTC Market under the new ticker symbol "PAPLD" and are expected to begin trading on a split-adjusted basis on the morning of July 16th, 2025. After 20 business days, the symbol will be changed back to PAPLF. The CUSIP number for the common shares following the reverse stock split will be 72303K405.
The reverse split will affect all shareholders uniformly and will not alter any shareholder's ownership percentage, except for minor adjustments resulting from the rounding of fractional shares.
Additional details will be provided to shareholders through the Company's transfer agent, Endeavor Trust Corporation.
About Pineapple Financial Inc.
Pineapple Financial Inc. ("Pineapple", or the "Company") is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.
Follow us on social media:
Instagram: @pineapplemortgage @empoweredbypineapple
Facebook: Pineapple Mortgage
LinkedIn: Pineapple Mortgage
Safe Harbor Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion and the effectiveness of the reverse stock split; the number of shares of the Company's common shares that will be issued as a result of rounding up fractional shares resulting from the reverse stock split to the nearest whole share, including dilution resulting from such issuances; the price at which the Company's common shares will trade after the reverse stock split is effected; the Company's financial condition, and other factors discussed in the "Risk Factors" section of the registration statements, and periodic reports filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. Forward-looking statements contained in this press release are made as of this date, and the Company undertakes no duty to update such information except as required by applicable law. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.
Media Contact:
For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.
Email: shubha@gopineapple.com
Related Links:
https://gopineapple.com
http://empoweredbypineapple.com
Investor Relations Contact:
For investor relations inquiries, please contact Pineapple Financial Inc.
ir@gopineapple.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258937
SOURCE: Pineapple Financial Inc.
