IM Cannabis Corp., a leading medical cannabis company with operations in Israel and Germany, today announced that on June 12, 2023, it has received formal notice from The Nasdaq Stock Market, LLC stating that the Company has regained compliance with the minimum bid price requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing Rules (the “Minimum Bid Price Requirement“). IMC is now in compliance with all applicable listing standards and will continue to be listed and traded on the NASDAQ Stock Market.
As previously announced, the Company was notified by Nasdaq on April 10, 2023, that it was not in compliance with the Minimum Bid Price of $1.00 per share for 30 consecutive business days from February 24, 2023 to April 6, 2023. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), Nasdaq provided a 180-calendar day period following the date of the notice to regain compliance, or until October 9, 2023. To regain compliance with the minimum bid price requirement, the Company was required to maintain a minimum closing bid price of $1.00 or more for at least 10 consecutive trading days. From May 26, 2023 through June 9, 2023, a period of 10 consecutive trading days, the closing bid price of the Company’s listed securities was greater than $1.00 per share. Accordingly, the Company has regained compliance with Listing Rule 5550(a)(2) and the matter has been closed.
About IM Cannabis Corp.
IMC (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-quality cannabis player.
