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IM Cannabis Receives NASDAQ Notification Regarding Minimum Bid Price Deficiency
TORONTO and GLIL YAM, Israel, Aug. 4, 2023 /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, Aug. 4, 2023 /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 the Company received written notification (the \"Notification Letter\") from The Nasdaq Stock Market LLC (\"Nasdaq\") on August 1, 2023, that the Company is not in compliance with the minimum bid price requirement set forth in Nasdaq Rules for continued listing on Nasdaq.\nNasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of US$1.00 per share and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company's common shares for the 30 consecutive business days from June 16, 2023 to July 31, 2023, the Company no longer meets the minimum bid price requirement.\nThe Notification Letter does not impact the Company's listing on the Nasdaq at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been provided 180 calendar days, or until January 29, 2024, 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 US$1.00 for a minimum of 10 consecutive business days. In the event the Company does not regain compliance by January 29, 2024, the Company may be eligible for additional time to regain compliance or may face delisting.\nThe Company's common shares are also listed on the Canadian Securities Exchange and the Notification Letter does not affect the Company's compliance status with such listing.\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 co...