Summary: IM Cannabis Corp., an international medical marijuana operator, has received a warning from the Nasdaq stock exchange due to its share price falling below the exchange’s minimum bid price requirement. The company will need to maintain a closing bid price of at least $1 for at least 10 consecutive business days to regain compliance with Nasdaq’s listing rules.
IM Cannabis Corp. (IMC) Receives Nasdaq Warning Over Share Price Requirement
International medical marijuana operator, IM Cannabis Corp., (CSE: IMCC) (NASDAQ: IMCC) has received a warning from the Nasdaq stock exchange due to its share price falling below the exchange’s minimum bid price requirement. The Israel-based company’s Nasdaq-traded shares (IMCC) fell below the $1 minimum bid-price requirement for 30 consecutive business days as of July 31. However, the shares closed above $1 on August 2 and since then it is on a positive trend.
IM Cannabis, which supplies medical cannabis to clients in Israel and Germany, will need to maintain a closing bid price of at least $1 for at least 10 consecutive business days to regain compliance with Nasdaq’s listing rules. If the company fails to regain compliance by January 29, 2024, it may be eligible for additional time to regain compliance or face delisting, as stated in the company’s release.
Earlier this year, IM Cannabis exited the Canadian market and reorganized its business. The company’s shares also trade as IMCC on the Canadian Securities Exchange, a listing that is unaffected by the Nasdaq warning. Slumping share prices have been a challenge for several Nasdaq-listed cannabis companies, leading many to consolidate their shares to maintain their equity listings on the high-profile U.S. stock exchange.
[Source: MJBizDaily]
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