IM Cannabis Common Shares Commence Trading On Consolidated Basis After 1 For 10 Reverse Stock Split

IM Cannabis Corp. IMCC IMCC, an international medical cannabis company, announced that all of its issued and outstanding common shares began trading on the Canadian Securities Exchange and the Nasdaq Capital Market on a post-consolidation basis on November 17, 2022.

On November 14, 2022, the company announced that the common shares would be consolidated on the basis of one post-consolidation common share for each ten pre-consolidation common shares. The company's shareholders approved the share consolidation at the company's annual general and special meeting of shareholders held on October 20, 2022. The share consolidation is intended to increase the trading price of the common shares to enable the company to satisfy the minimum bid price requirement for continued listing on the NASDAQ. The company's post-share consolidation common shares will continue to trade on the CSE and NASDAQ under the same symbol, "IMCC". The new CUSIP and ISIN numbers for the post-consolidated common shares are 44969Q307 and CA44969Q3070, respectively.

The share consolidation has reduced the number of existing common shares from 75.7 million common shares to approximately 7.6 million common shares, subject to adjustments for rounding purposes.

Price Action

IM Cannabis shares were trading 11.43% lower at $3.1 per share, during Thursday’s pre-market session.

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Photo by Esteban Lopez on Unsplash

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