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TerrAscend Corp. (OTCQX:TSNDF), a cannabis company with a market capitalization of $89.6 million and annual revenue of $297 million, held its annual meeting of shareholders on Tuesday via live audio webcast, according to a press release statement based on a recent SEC filing. InvestingPro analysis suggests the stock is currently undervalued, despite facing significant market challenges with shares trading at $0.25. Shareholders voted on several proposals, including the election of directors, the re-appointment of the company’s auditor, and amendments to certain stock options held by company insiders.
All five director nominees—Craig Collard, Kara DioGuardi, Ira Duarte, Ed Schutter, and Jason Wild—were elected to the board. Voting results for the directors ranged from 151,700,891 to 154,261,935 shares in favor, with votes withheld between 605,910 and 3,166,954 shares. There were no broker non-votes reported for these elections. The company’s financial health score from InvestingPro is rated as "GOOD," with analysts expecting improved profitability this year.
Shareholders also ratified the re-appointment of MNP LLP, Chartered Professional Accountants, as the company’s auditor for the coming year. The vote recorded 193,909,629 shares in favor and 1,193,696 shares withheld.
An additional proposal to amend the exercise prices of 3,706,250 stock options held by certain insiders was approved. Under the new arrangement, the exercise price of these options will be set to the volume weighted average trading price of TerrAscend’s common shares on the Toronto Stock Exchange for the five trading days immediately preceding June 24, 2025. This adjustment is conditional on each insider continuing to serve the company for at least 12 months from that date. If the service requirement is not met, the original exercise price remains in effect. The proposal passed with 49,849,207 shares in favor and 12,793,583 shares against.
The company previously disclosed that Chief Financial Officer Keith Stauffer has notified TerrAscend of his intention to resign, effective July 18, 2025. As a result, Mr. Stauffer is not expected to meet the service requirement for the amended stock option terms. All other terms and conditions for the affected options remain unchanged.
TerrAscend reported that 195,103,325 out of 293,004,431 outstanding common shares were represented at the meeting. The company’s stock has experienced significant volatility, with InvestingPro data showing a 60.9% decline over the past six months. However, with EBITDA of $49.5 million and multiple positive growth indicators, InvestingPro subscribers have access to 11 additional exclusive tips about the company’s potential.
This information is based on a press release statement and details from the company’s recent SEC filing.
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