UPDATED WITH RE-LISTING: Pineapple Financial Inc., a Toronto-based mortgage brokerage, has been approved for re-listing on the NYSE American exchange after completing a one-for-20 reverse stock split.

"This milestone is more than a re-listing, it's a reflection of the work we've done to strengthen our business, reinforce our fundamentals, and position Pineapple for sustainable growth,” Shubha Dasgupta, CEO of Pineapple Financial, said in the announcement Thursday.

Pineapple will resume trading under the symbol PAPL on July 22.

In November 2023, Pineapple had launched an initial public offering (IPO) on the NYSE American, an exchange for smaller companies, claiming to be the first Canadian mortgage brokerage to be listed by the platform. With the capital from the IPO, Pineapple planned to fund growth, research and development, and expand into new product offerings and technology infrastructure. 

But in May 2024, the NYSE American began the process to delist the common shares of Pineapple due to its bid price falling under $0.10 (all figures US).

Pineapple appealed the decision, saying its stock price was impacted “due to the spread of false and malicious information.” The company blamed a tweet claiming a one-for-90 reverse split and the reduction of shares outstanding from 90 million to one million.

Pineapple’s common shares will also trade on the OTC Markets under the symbol PAPLD (at $2 per share as of the opening of trade July 17) and are expected to trade on a split-adjusted basis. After 20 business days, the company says the symbol will revert to PAPLF.

The OTC Market is a separate market for over-the-counter securities that are not overseen by an exchange.

“The reverse split will affect all shareholders uniformly and will not alter any shareholder's ownership percentage,” except for minor adjustments from rounding, Pineapple said in a previous release announcing the consolidation. The number of authorized shares will not change, and no fractional shares will be issued.

About Pineapple

Pineapple is a tech-driven brokerage operating across Canada.

Founded in 2016 by Dasgupta and COO and president Kendall Marin, it has a network of hundreds of brokers. Its clients and customers are given access to its services and tools, including a digital document uploader, online mortgage applications and an all-in-one platform named MyPineapple.

The company has been an eager adopter of artificial intelligence, using the technology to boost the productivity of mortgage brokers and onboard agents much quicker than was previously possible.

Earlier this year, Pineapple closed a $1.5-million public offering at a price of $0.15 per unit.

For its fiscal Q3 2025 ended May 31, Pineapple saw revenue increase by one per cent from the year prior to $746,903. Net and comprehensive loss decreased, dropping from $890,281 in Q3 2024 to $592,439 in Q3 2025.

Its efforts to be re-listed on the NYSE American and access to a $15-million equity line of credit were cited in the financial report.

"We continue to make careful and intentional decisions to strengthen our foundation," Sarfraz Habib, Pineapple’s CFO, said. "From managing expenses to reinforcing liquidity, every choice is made with long-term sustainability in mind.”