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IM Cannabis Receives 180 Calendar Day Extension from the Nasdaq Stock Market to Regain Compliance with Bid Price Rule
TORONTO and GLIL YAM, Israel, Jan. 31, 2024 /PRNewswire/ -- IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the "Company," "IMCannabis," or "IMC"), a leading
About this update from Im Cannabis Corp.
[{"type":"text","content":"TORONTO and GLIL YAM, Israel, Jan. 31, 2024 /PRNewswire/ -- IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the \"Company,\" \"IMCannabis,\" or \"IMC\"), a leading medical cannabis company with operations in Israel and Germany, announced today that it has received a 180 calendar day extension, until July 29, 2024, from the Nasdaq Stock Market (\"Nasdaq\"), to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) (the \"Bid Price Rule\").\n\nThe Bid Price Rule stipulates that the bid price of the Company's common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days. On August 1, 2023, the Company received notice from Nasdaq that based on the previous 30 consecutive business days, the Company's listed security no longer met the minimum $1.00 bid price per share requirement. Therefore, in accordance with the Bid Price Rule, the Company was provided 180 calendar days, or until January 29, 2024, to regain compliance. The listed security has not regained compliance with the minimum $1 bid price per share requirement. However, Nasdaq's Staff has determined that the Company is eligible for an additional 180 calendar day period,[1] or until July 29, 2024, to regain compliance.[2]\nThe Company will continue to monitor the closing bid price of its common stock and plans to pursue available options to regain compliance with the Bid Price Rule, including potentially pursuing a reverse stock split. If the Company authorizes a reverse stock split, it will plan to effectuate the split no later than ten business days prior to the end of the extension in order to regain compliance. \nAbout IM Cannabis Corp.\nIMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in Israel and Germany, two of the largest medical cannabis markets. The Company has recently exited operations in Canada to pivot its focus and resources to achieve sustainable and profitable growth in its highest value markets, Israel and Germany. The Company leverages a transnational ecosystem powered by a unique data-driven approach and a globally sourced product supply chain. With an unwavering commitment to responsible growth and compliance with the strictest regulatory environments, the Company strives to amplify its commercial and brand power to become a global high-quali...