IM Cannabis receives extension to regain compliance with Nasdaq listing rules

IM Cannabis announced that it has received a 180 calendar day extension, until July 29, from the Nasdaq Stock Market, to regain compliance with Nasdaq Marketplace Rule 5550. 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. 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.