IM Cannabis Receives NASDAQ Notification Regarding Minimum Bid Price Deficiency
TORONTO and GLIL YAM, Israel — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company”, “IMCannabis”, or “IMC”), a leading medical cannabis company with operations in Israel and Germany, announced today that the Company received written notification (the “Notification Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”) on August 1, 2023, 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 June 16, 2023 to July 31, 2023, the Company no longer meets the minimum bid price requirement. The Notification Letter ...