Debra BorchardtCansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF), which was already operating under the Fluent brand, is changing its corporate name to Fluent Corp. effective February 5, 2025. The company also announced that its common shares on the Canadian Securities Exchange (CSE) will trade under the new symbol “FNT” on or about February 10, 2025. The company expects that its OTC share symbol will change soon.
“The FLUENT name has long been a core component of our operating brand in our home market of Florida, and this move will officially align our corporate identity to our operational footprint as we embark on this next exciting phase for our Company,” said Robert Beasley, Chief Executive Officer of Fluent. “Following the completion of our transformative transaction with RIV Capital Inc., we are thrilled to unite our teams under this new banner as one of the most well-positioned cannabis operators in the industry. We look forward to working together to build on our recent successes and drive long-term value for our shareholders.”
Board changes
In addition to the name change, the company also announced changes to its board of directors following the completion of the transaction with RIV Capital Inc. The changes are as follows:
- Board of Directors: Robert Beasley, William Smith, Mark Eckenrode, Christopher Hagedorn, Dawn Sweeney, Richard Mavrinac and Roger Daher.
- Audit Committee: Mark Eckenrode (Chair), Richard Mavrinac and Roger Daher
- Governance and Compensation Committee: Dawn Sweeney (Chair), Chris Hagedorn and William Smith.
The company also looks to save a little money regarding the director’s fees. Fluent told investors it would issue 1,657,063 common shares to certain directors in exchange for the cancellation of $116,000 of director fees between October 1, 2024, to December 31, 2024. The debt shares will be issued at a price equal to the closing market price of the common shares of the Company as listed on the CSE on December 31, 2024, being $0.07.
In November, Cansortium reported that its revenue increased by 3.5% to $26.1 million compared to $25.3 million. and its Florida revenue increased 3.6% to $22.0 million compared to $21.3 million. The company reported its deal with Riv Capital closed in December and the company has plans to scale up in New York. The company has not declared a date at which it will report its fourth quarter 2024 earnings.
