Pineapple Financial refutes false claims of reverse stock split

On May 12, 2025, in Toronto, Ontario, Pineapple Financial released a statement in response to false claims made by Flash Alert, a financial news source. The misinformation stated that the company had authorized a 1-for-90 reverse stock split and that the number of shares outstanding had been reduced from 1 million to 90 million. Pineapple Financial categorically rejected these claims, emphasizing that they have not authorized any such reverse stock split nor the issuance of 450 million free shares, as reported in the tweet. The company stated that it is actively investigating this misinformation and will take steps to protect its shareholders and maintain its reputation. The company affirmed its commitment to transparency and responsible communication with investors and the public. In light of the false claims, Pineapple Financial seeks to reassure its shareholders of its stability and ethical business practices, emphasizing the importance of accurate information in the financial market and the potential impact of misinformation on investor confidence. The company has a history of community involvement and charitable sponsorships, reflecting its dedication to improving the lives of fellow Canadians. The allegations have raised concerns about the potential effects on the stock's performance and investor trust, highlighting the need for vigilance against misinformation in the financial sector.