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Akanda Corporation Has Regained Compliance with NASDAQ’s Minimum Bid Price Requirement
LONDON--(BUSINESS WIRE)-- International medical cannabis platform company Akanda Corp. ("Akanda" or the “Company”) (NASDAQ: AKAN) an Ontario company, today
About this update from Akanda Corp.
[{"type":"text","content":" LONDON--(BUSINESS WIRE)--\nInternational medical cannabis platform company Akanda Corp. (\"Akanda\" or the “Company”) (NASDAQ: AKAN) an Ontario company, today announced that it received a notification letter (the “Notification Letter on Compliance”) from the Listing Qualifications Department of The Nasdaq Stock Market Inc. (the “Nasdaq”) dated March 27, 2023, indicating that the Company has regained compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules (the “Minimum Bid Price Requirement”).\n\nAs previously announced, the Company had received a written notification (the “Notification Letter”) on September 27, 2022 from the Nasdaq Listing Qualifications Department notifying the Company that it was not in compliance with the Minimum Bid Price Requirement as the closing bid price of the Company's common shares, no par value (\"Common Shares\"), was below $1.00 per share for a period of 30 consecutive business days.\n\nIn accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until March 27, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company’s Common Shares must have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days.\n\nAccording to the Notification Letter on Compliance, the staff of Nasdaq has determined that for the last 12 consecutive business days, from March 9 to March 24, 2023, the closing bid price of the Company’s Common Shares has been at $1.00 per share or greater. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and the matter has been closed.\n\nAbout Akanda Corp.\n\nAkanda is an international medical cannabis and wellness platform company seeking to help people lead better lives through improved access to high quality and affordable products. Akanda’s portfolio includes Holigen, a Portugal-based cultivator, manufacturer and distributor with a prized EU GMP certified indoor grow facility; CanMart, a UK-based fully licensed pharmaceutical importer and distributor which supplies pharmacies and clinics within the UK; and Bophelo Bioscience & Wellness, a GACP qualified cultivation campus in the Kingdom of Lesotho in Southern Africa. The Company’s seed-to-patient supply chain also includes partnerships with California-base...