IM Cannabis Corp. IMCC announced it had received a warning from the NASDAQ as its price fell below the critical $1 minimum bid price requirement.
“In the event the company does not regain compliance by January 29, 2024, the company may be eligible for additional time to regain compliance or may face delisting,” noted the Israel-based medical marijuana operator.
What Happened: As reported by MjBiz Daily, IM's shares, trading under the ticker IMCC on the NASDAQ, stumbled below the $1, which persisted for an uninterrupted span of 30 business days as of July 31. This alarming situation spurred the NASDAQ to issue a warning to the firm.
However, a glimpse of hope shone through when the IM Cannabis shares bounced back above the $1 mark, closing on August 2.
Yet, the roller coaster didn't end there. The company’s shares are required to consistently maintain a closing bid price of no less than $1 for a minimum of 10 business days. This will be imperative for regaining compliance with NASDAQ’s strict listing regulations.
Diving deeper into IM Cannabis Corp.’s international profile, they are known for supplying medical cannabis primarily to clients in Israel and Germany. The company made some strategic shifts in its global positioning this year. They took a significant step by exiting the Canadian market, orchestrating a comprehensive business reorganization.
Interestingly, while the NASDAQ notice has attracted attention, shares of IM Cannabis remain unaffected in Canada. They continue to be traded as IMCC on the Canadian Securities Exchange.
Price action: As of Monday afternoon, just before the market's closure, IMCC shares were trading up 3.81% at $1.09 per share.
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