Health sciences and preventative medicines firm PreveCeutical Medical Inc (CSE:PREV, OTCQB:PRVCF) is poised to carry out a stock split after shareholders approved the plan.
At the AGM and special meeting of shareholders on May 14, a special resolution was passed approving the proposed split on the basis of five new shares for each one existing (5:1).
"We believe the stock split demonstrates the company's continued commitment to broaden its shareholder base and we anticipate that the stock split will make PreveCeutical's securities more accessible to investors and enhance liquidity for shareholders." said president and chairman Stephen Van Deventer.
Earlier this month, the firm said it had received the second shipment of dried cannabis materials from major Aurora Cannabis, which will be used in PreveCeutical's soluble gel (Sol-gel) drug delivery research.
As revealed in March, the company, in a major milestone, had received the key permits to allow this material to be imported into Australia by the cannabis major.
It is being used for the group's research led by Preveceutical's chief research officer Dr Harendra Parekh at the University of Queensland.
Preveceutical aims to develop therapies for relief from a range of symptoms, including pain, inflammation, seizures and neurological disorders.