Hashish producer Hexo Corp. (HEXO) has reported a $52.1 million internet loss for its newest quarter and introduced a inventory consolidation that can mix 14 widespread shares into one.
The Gatineau, Quebec-based firm’s internet loss was lower than the $116.9 million it misplaced in the identical interval a 12 months earlier.
The loss for the quarter ended October 31 amounted to $0.09 per share in contrast with a lack of $0.46 a share a 12 months in the past.
Hexo mentioned its income within the quarter totalled $35.8 million, down from $50.2 million final 12 months.
Hexo additionally introduced the 14 for one inventory consolidation, a transfer geared toward boosting its share value.
Also called a reverse inventory break up, the share consolidation will happen December 19, in response to the corporate.
Hexo’s inventory is down 83% this 12 months and buying and selling at $2.17, placing it in penny inventory territory.
A penny inventory is mostly outlined as any safety that trades for $5 or much less.