Akanda shares surge 31.06% premarket after 20-tower expansion in Mexico's $7B telecom project.

Akanda Corp. surged 31.06% in premarket trading following shareholder approvals of a reverse stock split and a share exchange agreement with First Towers & Fiber Corp. The reverse stock split, authorized at ratios up to 100:1, and the exchange of 4.77 million Class B special shares to First Towers’ former shareholders, were approved at the company’s recent special meeting. These moves, mandated by NASDAQ listing rules, aim to consolidate Akanda’s float and comply with regulatory requirements. The approvals, announced in a filing with the SEC, likely spurred investor optimism about the company’s structural alignment and potential to accelerate growth through its telecom infrastructure investments in Mexico. This follows prior positive coverage of Akanda’s 20-tower expansion and recurring revenue initiatives, though the immediate catalyst appears to be the successful shareholder vote on corporate governance measures.