Greenland Mines had too many shares trading at too low a price to satisfy Nasdaq's minimum bid requirement. On Sunday, it fixed that — by turning every fifty shares into one.
The 1-for-50 reverse stock split, approved by the board and effective at the open of trading on August 24, reduces the share count from about 159 million to about 3.2 million, the company said in an August 20 announcement on GlobeNewswire. The company expects the consolidation to bring it back into compliance with Nasdaq's continued-listing rules. Nasdaq has the final say on whether it does.
Shares closed 22.11% higher at $0.2027 on August 23, the last session before the split took effect, on dollar volume of about $16.7 million. Short sales made up 59.35% of reported volume in that session.
For existing holders, the split itself is neutral on paper: fifty shares become one, but the fraction of the company each holder owns stays the same. What does not change is the number of authorized shares — the board retains the full capacity to issue new stock in the future, and the release does not say how much of that capacity may be used.
The announcement was paired with an operational update from Skaergaard, the company's palladium, gold and platinum project on Greenland's east coast. Field crews have completed the first blasting for a large bulk sample, and drilling is underway. A July 2026 resource estimate, prepared under current SEC reporting standards, lifted the project's indicated grade by 36% and indicated contained metal by 31% against the prior 2022 estimate. The updated figure puts the Skaergaard deposit's indicated category at about 7.6 million ounces of palladium and about 3.2 million ounces of gold, according to the release. Greenland Mines holds an 80% interest in Skaergaard, with an option on the remaining 20%.
A second project, Sarfartoq in west Greenland, targets neodymium-praseodymium rare earths — the materials used in the permanent magnets inside electric motors and wind turbines. A definitive agreement to acquire Sarfartoq had been signed, the company said, but had not yet closed as of the announcement. Field work there is expected to begin in September, subject to that closing.
The split did not touch the authorized share count. With only about 3.2 million shares in circulation after the consolidation, any meaningful new issuance would hand each existing share a smaller slice of the same company — and the release says nothing about whether new issuances are planned.
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