The Montreal-based firm will see its issued and outstanding common shares drop from approximately 7,270,497 to about 727,050. This consolidation is a direct response to Nasdaq Listing Rule 5550(a)(2), which requires listed companies to maintain a minimum bid price of $1.00 per share. By reducing the float, the company intends to align its stock price with exchange compliance standards while keeping its ticker symbol, VMAR, unchanged.

Shareholders will not need to take manual action to facilitate the transition. Odyssey Trust Company, acting as the exchange agent, will automatically adjust book-entry positions for those holding shares through brokers or nominees. Fractional shares resulting from the split will be rounded up to the nearest whole share. While the number of issued shares is shrinking, the company confirmed that the total number of authorized common shares remains limitless and the par value per share is unaffected by the move.