Toronto and glil yam, Israel, July 19, 2022 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC ) (NASDAQ: IMCC ) (the “Company“,”IM Marijuana“, or”IMC“), a leading medical and adult-use recreational marijuana company with operations Israel, CanadaAnd GermanyToday the Company announced that it has received a written notification (the “Notification letter“) by The Nasdaq Stock Market LLC (“Nasdaq“) on July 13, 2022The Company is not in compliance with the minimum bid price requirement prescribed in the Nasdaq Rules for continued listing on the Nasdaq.
Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price. US$1.00 per share, and Listing Rule 5810(c)(3)(A) provides that failure to meet the minimum bid price requirement occurs if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s common stock for 30 consecutive business days May 27, 2022 to July 12, 2022The company no longer meets the minimum bid price requirement.
The notification letter does not affect the company’s listing on the Nasdaq Capital Market at this time. Pursuant to Nasdaq Listing Rule 5810(c)(3)(a), the Company is provided 180 calendar days, or until January 9, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company’s common stock must have a closing bid price of at least US$1.00 for at least 10 consecutive business days. If the company does not regain compliance by January 9, 2023, the company may be eligible for additional time to regain compliance or face delisting.
The Company’s common shares are listed on a Canadian securities exchange and the notification letter does not affect the Company’s compliance status with such listing.
About IM Cannabis Corporation
IM Cannabis (NASDAQ: IMCC ) (CSE: IMCC ) is a leading international cannabis company providing premium products to medical patients and adult-use recreational consumers. IM is one of the few companies with a cannabis operation Israel, GermanyAnd Canada, the three largest federal law markets. The ecosystem created through its international operations leverages the company’s unique data-driven perspective and global product supply chain. With its commitment to responsible growth and economic prudence, and its ability to operate in a strict regulatory environment, the company has quickly become one of the leading growers and distributors of high-quality cannabis globally.
The IM Cannabis ecosystem works Israel Through IMC Holdings Limited and its subsidiaries and its commercial relationship with Focus Medical Herbs Limited, it imports, sells and distributes cannabis to medical patients, leveraging years of proprietary data and patient insights. The company also operates medical cannabis retail dispensaries, online platforms, distribution centers and logistical hubs. Israel This enables safe distribution and quality control of IM cannabis products across the entire value chain. in Germany, the IM Cannabis Ecosystem operates through Adjupharm GmbH (“Adjupharm”), where it distributes cannabis to dispensaries for medical cannabis patients. in CanadaIM Cannabis operates through Tricome Financial Corporation (“Tricome”) and its subsidiaries, Tricome JWC Acquisition Corporation (“TJAC”) and MYM Nutraceuticals Inc. (“MYM”), where it grows and processes cannabis for the adult-use market at its Ontario, Nova ScotiaAnd Quebec facilities under the WAGNERS and Highland Grow brands. For more information, please visit www.imcannabis.com.
Disclaimer of Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” within the applicable Canadian meaning. United States Securities Laws (collectively, “Forward-Looking Information”). Forward-looking information is generally, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect”, “likely” and “intend”. and event or result “may”, “will”, “should”, “could” or “could” occur or achieve statements and other similar expressions. Forward-looking information in this press release includes, without limitation, statements regarding compliance with Nasdaq’s continued listing requirements and the timing and effect thereof and the ability of the extension to regain compliance.
The above lists of forward-looking statements and assumptions are not exhaustive. Because forward-looking statements address future events and conditions, by their nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or from such forward-looking statements due to a number of factors and risks. These include risks associated with an inability to regain compliance with Nasdaq’s listing standards.
See other risks, uncertainties and factors set forth under the heading “Risk Factors” in the Company’s Annual Information Form dated March 31, 2022, which is available on the company’s issuer profile on SEDAR at www.sedar.com and on Edgar at www.sec.gov. Any forward-looking statement included in this press release is made as of the date of this press release and is based on management’s beliefs, estimates, expectations and opinions as of the date such forward-looking information is made. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
magic LustigDirector Investor and Public Relations
ORIGINAL IM CANNABIS CORPORATION.