IM Cannabis Corp. IMCC IMCC, an international medical cannabis company with operations in Israel and Germany, has announced its board of directors’ approval for a consolidation of its issued and outstanding common shares. The consolidation will convert every six pre-consolidated common shares into one post-consolidated share.
IM Cannabis Share Consolidation Date Set
The effective date for this consolidation is set for July 12, 2024. On this date, the common shares are expected to begin trading on a post-consolidated basis, pending final confirmation from the Canadian Securities Exchange and NASDAQ. The company’s name and stock symbols will remain unchanged, although the CUSIP and ISIN numbers will be updated to 44969Q406 and CA44969Q4060, respectively.
IMCC’s Shares Reduced Post-Consolidation
Post-consolidation, the number of common shares will decrease from 13,394,136 to 2,232,357. Fractional shares resulting from the consolidation will be managed by rounding up fractions equal to or greater than one-half and canceling those less than one-half. The exercise price and number of shares issuable under any outstanding convertible securities will be adjusted proportionately.
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Furthermore, shareholders will receive instructions from Computershare Investor Services Inc. for exchanging their shares. According to IMCC’s press release, pre-consolidated share certificates will automatically represent the post-consolidated shares until exchanged. Beneficial shareholders holding shares through intermediaries should contact their respective intermediaries for processing details.
Aimimg For Enhanced Marketability
The consolidation aims to streamline IM Cannabis’s share structure, potentially enhancing the stock’s marketability and aligning with strategic financial goals. Shareholders and investors should monitor the company’s announcements for further updates and confirmations regarding this corporate action.
IMCC Price Action
IMCC's shares were trading 3.96% lower at $0.4485 per share at the time of this writing around 10 AM ET Friday.
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Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry?
Hear directly for top executives, investors and policymakers at the Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9.
Get your tickets now before prices surge by following this link.