Safe Harbor Financial sets 1‑for‑12 reverse split for Nasdaq trading
The cannabis banking platform expects SHFS to keep its Nasdaq ticker and round fractional holdings up when split-adjusted trading begins Sept. 30.
Theo Marchetti
Nasdaq trading in a cannabis-finance stock is expected to move to a 1-for-12 split-adjusted basis on Sept. 30 after its board approved the consolidation on Monday. SHF Holdings, Inc. NASDAQSHFS, doing business as Safe Harbor Financial, would have an estimated 1.03 million shares after the split, before fractional-share roundups. Google Finance's NASDAQSHFS quote displayed 12.33 million outstanding shares at 2:24 p.m. EDT on Sept. 28, the base used for that estimate.
Shares traded at US$0.11 on Nasdaq, down 31.62 per cent, at 2:24 p.m. EDT Monday, according to NASDAQSHFS. The NASDAQSHFS quote showed 2.74 million shares traded against average daily volume of about 696,000 at 2:24 p.m. EDT Monday.
The company said on Sept. 28 that shareholders authorized a reverse split at a special meeting on Nov. 6, 2025. The board then selected the 1-for-12 ratio. Every 12 common shares will become one if the board proceeds, and the security will retain SHFS under a new CUSIP number, 824430 409.
The mechanically adjusted reference is about US$1.32 per share, based on the 2:24 p.m. EDT NASDAQSHFS quote from Sept. 28. That price is only the split arithmetic; the next traded price can change as shares change hands. A holder of 120 shares would hold 10 after the consolidation, before any later purchase or sale.
Fractional Holdings Round Up
Safe Harbor says it will not issue fractional shares. A holder of 13 existing shares would receive two new shares under the company's round-up rule. A holding divisible by 12 converts at the stated ratio. The rule means the final companywide count can be slightly higher than a simple division of pre-split shares by 12.
The company did not give a definitive post-split share count in Monday's release or its Form 8-K. The estimated 1.03 million uses Google Finance's displayed count and assumes no change to that base before the split, apart from the roundups.
"The Company expects that the Reverse Stock Split will become effective on September 30, 2026, however the Board retains discretion to delay or abandon the Reverse Stock Split," SHF said in its Sept. 28 Form 8-K.
SHF filed a Certificate of Amendment in Delaware on March 20, 2025, to effect a previously authorized 1-for-20 reverse split. The company expected that earlier consolidation to take effect on March 24. Its filing said the authorized share total would remain unchanged while its Nasdaq symbol continued as SHFS.
Safe Harbor describes itself as a financial technology company whose regulated institutional partners provide the banking services. Its Sept. 28 release said the platform had helped process more than US$35 billion in cannabis-related depository funds across 41 states and territories. The amount measures funds processed, not quarterly revenue.
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Safe Harbor expects the split to take effect at 12:01 a.m. EDT on Sept. 30 and its shares to begin trading on an adjusted basis under SHFS that day.
