Village Farms International, Inc. received notification from The Nasdaq Stock Market LLC that Nasdaq has approved the Company’s request for a 180-calendar day extension (the “Extension”) to regain compliance with the minimum closing bid price of US$1.00 per share listing requirement (NASDAQ Listing Rule 5550(a)(2)). The Extension follows the expiration on October 17, 2023 of the initial 180-calendar day period to regain minimum closing bid price compliance. As a result of the Extension, the Company now has until April 15, 2024 (the “New Compliance Period”) to regain compliance with the Minimum Bid Requirement.
The Notification has no immediate effect on the listing of the Company’s common shares on the Nasdaq Capital Market. During the New Compliance Period, Village Farms common shares will continue to trade on the Nasdaq Capital Market. If at any time before April 15, 2024, the bid price of Village Farms’ common shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, it is expected that Nasdaq would notify the Company that it has regained compliance with the Minimum Bid Requirement.
In the event the Company does not regain compliance with the Minimum Bid Requirement by April 15, 2024, the Company may be subject to delisting of the common shares from the Nasdaq Capital Market, at which time the Company may request a review the delisting determination by a Nasdaq Hearings Panel.
About Village Farms International, Inc.
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America and selected markets internationally.
