Pineapple Financial Issues Statement on False Claims Regarding Reverse Split

Rhea-AI Summary

Pineapple Financial (NYSE: PAPL) has issued an official statement refuting false claims made by Flash Alert regarding the company's stock structure. The company explicitly denies reports about a purported 1-for-90 reverse stock split and alleged reduction of shares outstanding from 1M to 90M. Additionally, PAPL confirms that claims about the issuance of 450,000,000 free shares are completely false.

The company is actively investigating the source of this misinformation and plans to take necessary measures to protect shareholder interests and maintain its reputation. PAPL emphasizes its ongoing commitment to maintaining transparent and responsible communication with investors.

[ "Quick response to address and deny false market information", "Proactive stance in protecting shareholder interests", "Commitment to transparent communication with investors" ]

Positive

• None.

Negative

• Company facing potential market manipulation through false information
• Risk of temporary stock price volatility due to misleading claims

Toronto, Ontario--(Newsfile Corp. - May 12, 2025) - Pineapple Financial (NYSE American: PAPL) categorically denies the misleading and false information presented in a tweet by Flash Alert, a Financial news source, regarding the company's stock structure. The claims about a 1-for-90 reverse split and the reduction of shares outstanding from 1M to 90M are entirely inaccurate. Pineapple Financial has not authorized any such reverse stock split nor the issuance of 450,000,000 free shares as stated in the tweet.

We are actively investigating this misinformation and will take necessary actions to protect our shareholders and our reputation.

Pineapple Financial remains committed to transparent and responsible communication with our investors and the public.

About Pineapple

Pineapple is an award-winning fintech and leading Canadian mortgage brokerage network, focusing on both the long-term success of agents and brokers as well as the overall experience of homeowners. With hundreds of brokers within the network, Pineapple creates cutting-edge cloud-based tools and AI-driven systems to enable its brokers to help Canadians realize their dream of owning a home. Pineapple is active within the community and is proud to sponsor charities across Canada to improve the lives of fellow Canadians.

Follow us on social media:

Instagram: @pineapplemortgage @empoweredbypineapple

Facebook: Pineapple Mortgage

LinkedIn: Pineapple Mortgage

Safe Harbor Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. They are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and economic needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations that arise after the date hereof, except as may be required by law. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the "Risk Factors" section of the registration statement filed with the SEC. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results. It encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.

Media Contact:

For media inquiries, please contact Shubha Dasgupta, Chief Executive Officer, at Pineapple.

Email: shubha@gopineapple.com

Related Links:

https://gopineapple.com

http://empoweredbypineapple.com

Investor Relations Contact:

For investor relations inquiries, please contact Pineapple Financial Inc.

ir@gopineapple.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/251739

FAQ

What false claims about PAPL stock were made by Flash Alert?

Flash Alert falsely claimed that Pineapple Financial was implementing a 1-for-90 reverse stock split and reducing shares from 1M to 90M, as well as issuing 450,000,000 free shares. The company has officially denied all these claims.

How is Pineapple Financial (PAPL) responding to the false reverse split claims?

Pineapple Financial is actively investigating the misinformation, has issued an official denial statement, and plans to take necessary actions to protect shareholders and the company's reputation.

Is Pineapple Financial (PAPL) planning any reverse stock split in 2025?

According to the company's statement on May 12, 2025, Pineapple Financial has not authorized any reverse stock split and denies all claims about such corporate action.

What measures is PAPL taking to protect shareholders from market misinformation?

PAPL is conducting an active investigation into the false claims and has committed to taking necessary actions to protect shareholder interests while maintaining transparent communication.