Business
Akanda Receives Additional 180 Day Extension by Nasdaq to Regain Compliance with Minimum Bid Price Rule
London, United Kingdom--(Newsfile Corp. - January 4, 2024) - International medical cannabis platform company Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the
About this update from Akanda Corp.
[{"type":"text","content":"London, United Kingdom--(Newsfile Corp. - January 4, 2024) - International medical cannabis platform company Akanda Corp. (NASDAQ: AKAN) (\"Akanda\" or the \"Company\") an Ontario company, announced today it received an extension of 180 calendar days from The Nasdaq Stock Market LLC (\"Nasdaq\") to regain compliance with the Nasdaq's minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the \"Bid Price Requirement\"), following the expiration of the initial 180 calendar days period to regain compliance on January 2, 2024. The Nasdaq determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on The Nasdaq Capital Market with the exception of the Bid Price Requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary.\nAs a result of the extension, the Company now has until July 1, 2024, to regain compliance with the Bid Price Requirement. If at any time before July 1, 2024, the bid price of the Company's common shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, Nasdaq will provide written notification to the Company that it has achieved compliance with the Bid Price Requirement. If the Company chooses to implement a reverse stock split to regain compliance, it must complete the reverse stock split no later than ten business days prior to the expiration of the additional 180 calendar day period in order to timely regain compliance.\nIf the Company does not regain compliance with the Bid Price Requirement by July 1, 2024, Nasdaq will provide written notification to the Company that its shares will be subject to delisting. At such time, the Company may appeal the delisting determination to a Nasdaq Hearings Panel. The Company would remain listed pending the Panel's decision. There can be no assurance that, if the Company does appeal a subsequent delisting determination, such appeal would be successful.\nThis current notification from Nasdaq has no immediate effect on the listing or trading of the Company's shares, which will continue to trade on The Nasdaq Capital Market under the symbol AKAN...