IM Cannabis has received a 180-day calendar extension from the Nasdaq Stock Market until July 29, 2024, to regain compliance with Nasdaq Marketplace Rule 5550(a)(2).
The Bid Price Rule stipulates that the bid price of the Company's common stock must close at $1.00 per share or more for a minimum of 10 consecutive business days. On August 1, 2023, the Company received notice from Nasdaq that, based on the previous 30 consecutive business days, the Company's listed security no longer met the minimum $1.00 bid price per share requirement. Therefore, in accordance with the Bid Price Rule, the Company was provided 180 calendar days, or until January 29, 2024, to regain compliance. The listed security has not regained compliance with the minimum $1 bid price per share requirement. However, Nasdaq's staff has determined that the company is eligible for an additional 180-day calendar period, or until July 29, 2024, to regain compliance.
The Company will continue to monitor the closing bid price of its common stock and plans to pursue available options to regain compliance with the Bid Price Rule, including potentially pursuing a reverse stock split. If the Company authorizes a reverse stock split, it will plan to effectuate the split no later than ten business days prior to the end of the extension in order to regain compliance.
For more information:
IM Cannabis Corp.