TORONTO and GLIL YAM, Israel, June 13,
2023 /CNW/ -- IM Cannabis Corp. (CSE: IMCC) (NASDAQ:
IMCC) (the "Company", "IMCannabis", or "IMC"),
a leading medical cannabis company with operations in Israel and Germany, today announced that on June 12, 2023, it has received formal notice from
The Nasdaq Stock Market, LLC ("Nasdaq") stating that the
Company has regained compliance with the minimum bid price
requirement set forth in Rule 5550(a)(2) of the Nasdaq Listing
Rules (the "Minimum Bid Price Requirement"). IMC is now in
compliance with all applicable listing standards and will continue
to be listed and traded on the NASDAQ Stock Market.
As previously announced, the Company was notified by Nasdaq on
April 10, 2023, that it was not in
compliance with the Minimum Bid Price of $1.00 per share for 30 consecutive business days
from February 24, 2023 to
April 6, 2023. In accordance with
Nasdaq Listing Rule 5810(c)(3)(A), Nasdaq provided a 180-calendar
day period following the date of the notice to regain compliance,
or until October 9, 2023. To regain compliance with the minimum bid
price requirement, the Company was required to maintain a minimum
closing bid price of $1.00 or more for at least 10 consecutive
trading days. From May 26, 2023 through June 9, 2023, a period of
10 consecutive trading days, the closing bid price of the Company's
listed securities was greater than $1.00 per share. Accordingly,
the Company has regained compliance with Listing Rule 5550(a)(2)
and the matter has been closed.
About IM Cannabis Corp.
IMC (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis
company that provides premium cannabis products to medical patients
in Israel and Germany, two of the largest medical cannabis
markets. The Company has recently exited operations in Canada to pivot its focus and resources to
achieve sustainable and profitable growth in its highest value
markets, Israel and Germany. The Company leverages a transnational
ecosystem powered by a unique data-driven approach and a globally
sourced product supply chain. With an unwavering commitment to
responsible growth and compliance with the strictest regulatory
environments, the Company strives to amplify its commercial and
brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship
with Focus Medical Herbs Ltd. ("Focus Medical"), which imports and
distributes cannabis to medical patients, leveraging years of
proprietary data and patient insights. The Company also operates
medical cannabis retail pharmacies, online platforms, distribution
centers, and logistical hubs in Israel that enable the safe delivery and
quality control of IMC products throughout the entire value chain.
In Germany, the IMC ecosystem
operates through Adjupharm GmbH, where it distributes cannabis to
pharmacies for medical cannabis patients.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements under applicable Canadian and U.S.
securities laws (collectively, "forward-looking statements"). All
information that addresses activities or developments that we
expect to occur in the future are forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "believe", "plan",
"estimate", "expect", "likely" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur
or be achieved and other similar expressions. Forward-looking
statements are based on the estimates and opinions of management on
the date the statements are made. In the press release, such
forward-looking statements include, but are not limited to,
statements relating to compliance with Nasdaq's continued listing
requirements, and timing and effect thereof; Company leaving the
Canadian cannabis market to focus on Israel, Germany and Europe; the restructuring and sale of Trichome
under CCAA Proceedings.
The above lists of forward-looking statements and assumptions
are not exhaustive. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated or implied by such forward-looking
statements due to a number of factors and risks. These
include: any failure of the Company to maintain "de facto"
control over Focus Medical in accordance with IFRS 10; the failure
of the Company to comply with applicable regulatory requirements in
a highly regulated industry; unexpected changes in governmental
policies and regulations in the jurisdictions in which the Company
operates; the Company's ability to continue to meet the listing
requirements of the Canadian Securities Exchange and the NASDAQ
Capital Market; any unexpected failure to maintain in good standing
or renew its licenses; the ability of the Company and Focus Medical
(collectively, the "Group") to deliver on their sales commitments
or growth objectives; the reliance of the Group on third-party
supply agreements to provide sufficient quantities of medical
cannabis to fulfil the Group's obligations; the Group's possible
exposure to liability, the perceived level of risk related thereto,
and the anticipated results of any litigation or other similar
disputes or legal proceedings involving the Group; the impact of
increasing competition; any lack of merger and acquisition
opportunities; adverse market conditions; the inherent uncertainty
of production quantities, qualities and cost estimates and the
potential for unexpected costs and expenses; risks of product
liability and other safety-related liability from the usage of the
Group's cannabis products; supply chain constraints; reliance on
key personnel; the risk of defaulting on existing debt and war,
conflict and civil unrest in Eastern
Europe and the Middle
East.
Any forward-looking statement included in this press release is
made as of the date of this press release and is based on the
beliefs, estimates, expectations and opinions of management on the
date such forward-looking information is made. The Company does not
undertake any obligation to update forward-looking statements
except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements.
Forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
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Company Contact:
Oren Shuster, CEO
IM Cannabis Corp.
info@imcannabis.com
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SOURCE IM Cannabis Corp.