TORONTO and GLIL YAM, Israel, July 19,
2022 /PRNewswire/ -- IM Cannabis Corp. (CSE: IMCC)
(NASDAQ: IMCC) (the "Company", "IM Cannabis", or
"IMC"), a leading medical and adult-use recreational
cannabis company with operations in Israel, Canada, and Germany, today announced that the Company
received written notification (the "Notification Letter")
from The Nasdaq Stock Market LLC ("Nasdaq") on July 13, 2022, that the Company is not in
compliance with the minimum bid price requirement set forth in
Nasdaq Rules for continued listing on Nasdaq.
Nasdaq 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
May 27, 2022 to July 12, 2022, the Company no longer meets the
minimum bid price requirement.
The Notification Letter does not impact the Company's listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been 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 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 9, 2023, the Company may be
eligible for additional time to regain compliance or may face
delisting.
The 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.
About IM Cannabis Corp.
IM Cannabis (NASDAQ: IMCC) (CSE: IMCC) is a leading
international cannabis company providing premium products to
medical patients and adult-use recreational consumers. IM Cannabis
is one of the very few companies with operations in Israel, Germany, and Canada, the three largest federally legal
markets. The ecosystem created through its international operations
leverages the Company's unique data-driven perspective and product
supply chain globally. With its commitment to responsible growth
and financial prudence, and the ability to operate within the
strictest regulatory environments, the Company has quickly become
one of the leading cultivators and distributors of high-quality
cannabis globally.
The IM Cannabis ecosystem operates in Israel through IMC Holdings Ltd. and its
subsidiaries and through its commercial relationship with Focus
Medical Herbs Ltd., which imports, sells and distributes cannabis
to medical patients, leveraging years of proprietary data and
patient insights. The Company also operates medical cannabis retail
pharmacies, online platforms, distribution centers and logistical
hubs in Israel that enable the
safe delivery and quality control of IM Cannabis products
throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates
through Adjupharm GmbH ("Adjupharm"), where it also distributes
cannabis to pharmacies for medical cannabis patients. In
Canada, IM Cannabis operates
through Trichome Financial Corp. ("Trichome") and its subsidiaries
Trichome JWC Acquisition Corp. ("TJAC") and MYM Nutraceuticals Inc.
("MYM"), where it cultivates and processes cannabis for the
adult-use market at its Ontario,
Nova Scotia, and Quebec facilities under the WAGNERS and
Highland Grow brands. For more information, please visit
www.imcannabis.com.
Disclaimer for Forward-Looking Statements
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
Canadian and United States
securities laws (collectively, "forward-looking information").
Forward-looking information are often, but not always, identified
by the use of words such as "seek", "anticipate", "believe",
"plan", "estimate", "expect", "likely" and "intend" and statements
that an event or result "may", "will", "should", "could" or "might"
occur or be achieved and other similar expressions. Forward-looking
information in this press release includes, without limitation,
statements relating to compliance with Nasdaq's continued listing
requirements, and timing and effect thereof and the potential for
an extension to regain compliance.
The above lists of forward-looking statements and assumptions
are not exhaustive. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated or implied by such forward-looking
statements due to a number of factors and risks. These include
risks related to the inability to regain compliance with Nasdaq's
listing standards.
Please see the other risks, uncertainties and factors set out
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 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 the beliefs,
estimates, expectations and opinions of the management on the date
such forward-looking information is made. The Company does not
undertake any 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.
Company Contact:
Maya Lustig,
Director Investor & Public Relations
IM Cannabis
+972-54-677-8100
maya.l@imcannabis.com
Logo -
https://mma.prnewswire.com/media/1742228/IM_Cannabis_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/im-cannabis-receives-nasdaq-notification-regarding-minimum-bid-price-deficiency-301588972.html
SOURCE IM Cannabis Corp.