09:04 AM EDT, 06/25/2024 (MT Newswires) -- Grown Rogue International ( GRUSF ) said overnight Monday that it is reorganizing the company's share capital, as approved by shareholders during its annual meeting.

Under the share reorganization, the cannabis company said it will amend its articles to redesignate its existing class of common shares without par value in the company's capital as subordinate voting (SV) shares. It will also create a new class of unlisted multiple voting shares.

The new CUSIP and ISIN for the SV Shares are 39986R304 and CA39986R3045, respectively. The trading symbol for the SV shares will remain GRIN on the CSE. The record date for the share reorganization is June 26, with the effective date expected around June 27, 2024.

"The purpose of the share reorganization is to preserve our foreign private issuer status in the U.S. and will have no impact on the voting power of any shareholder," CEO Obie Strickler said. "Completing the share reorganization will allow us to defer the added reporting obligations and the conversion of our financial reporting standards from IFRS to GAAP."

Grown Rogue's ( GRUSF ) share price jumped nearly 11% yesterday to $0.94.