SHF Holders Convert 19,529 Preferred Shares Into 131.2 Million Common Shares

From Oct. 22 to Nov. 6, conversions of 19,529 Series B preferred shares resulted in 131,219,818 common shares. SHF had 132,248,520 common shares outstanding as of Nov. 6.

The company also disclosed an Oct. 23 nonbinding term sheet with Opifex Media for a proposed combination. Under its terms, Opifex holders would own about 85% of the combined company, while existing SHF holders would own about 15%. The existing holders’ stake could be adjusted to between 12.5% and 17.5%, subject to other conditions.

SHF operates as Safe Harbor Financial and provides financial technology services to regulated cannabis and hemp businesses. In a Nov. 9 shareholder letter, SHF Holdings CEO and Chief Financial Officer Terrance Mendez wrote, “The last several weeks have been difficult for Safe Harbor’s stockholders, and I want to address that directly.”

SHF has until April 19, 2027, to meet Nasdaq’s minimum bid-price requirement. Its closing bid must reach at least $1 for 10 consecutive business days during that period, which followed an initial compliance period that ended Oct. 19. The company’s Nasdaq compliance extension set the deadline.