Akanda Corp (AKAN) Announces 1:2 Reverse Share Split

Akanda Corp. (NASDAQ: AKAN) today announced that it expects to implement a 1-for-2 reverse stock split of the Company's common shares effective November 14, 2024. The reverse stock split was previously approved by the Company's shareholders on March 22, 2024 and Board of Directors on October 25, 2024 and will begin trading on an adjusted basis giving effect to the reverse stock split at the opening of market on November 14, 2024 under the existing ticker symbol "AKAN". The new CUSIP number of the Company's common shares will be 00971M403 and the new ISIN code will be CA00971M4039.

In accordance with the proposal approved by the Company's shareholders on March 22, 2024, the Company may effect one or more future consolidations of the Company's issued and outstanding common shares and on the basis of a consolidation ratio to be selected by the Board, in its sole discretion, within a range between ten pre-consolidation common shares for one post-consolidation common share and 100 pre-consolidation common shares for one post-consolidation common share, on such dates as the Board may determine. Since then, the Board approved a 1-for-40 reverse split that was effective May 23, 2024 and has subsequently determined to approve a second reverse split within the 1-for-100 aggregate ratio approved by shareholders, by fixing the split ratio at 2:1, so that every two common shares of the Company would be automatically combined into one common share. This will reduce the number of outstanding common shares of the Company from approximately 4.1 million to approximately 2.0 million. The reverse stock split affects all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's outstanding common shares, except for adjustments that may result from the treatment of fractional shares.

Outstanding Company options, warrants and other applicable convertible securities will be proportionately adjusted in accordance with their respective terms. No fractional shares will be issued in connection with the reverse stock split. In the event that a shareholder would otherwise be entitled to receive a fractional common share, such fraction will be rounded down to the nearest whole number. No cash will be paid in lieu of fractional post-reverse split common shares.

Vstock Transfer is acting as exchange agent for the reverse stock split and will send instructions to any shareholders of record who hold stock certificates regarding the exchange of certificates. Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after November 14, 2024. Such beneficial holders may contact their bank, broker, or nominee for more information. Vstock Transfer may be reached for questions at (212) 828-8436.

Additional information concerning the reverse stock split can be found in the Company's Notice of Annual General and Special Meeting of Shareholders of Akanda Corp., which was held on March 22, 2024, and accompanied Management Information Circular, each filed with the Securities and Exchange Commission on March 11, 2024 on a Report on Form 6-K. The Company will file Articles of Amendment with the Ontario Ministry of Public and Business Service Delivery in advance of the market effective date of the reverse stock split on November 14, 2024.

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