IM Cannabis Corp., a medical marijuana company operating in Israel and Germany, said it has regained compliance with the minimum-bid price requirement to list on the Nasdaq stock exchange.
The company said in a Monday news release that it received notification July 26 that it’s “now in compliance with all applicable listing standards” to be listed and traded on the Nasdaq.
The Nasdaq warned IM Cannabis (IMC) on Aug. 1, 2023, that its minimum-bid price was less than the required $1-per-share minimum for 30 consecutive business days, according to the release.
Then, on Jan. 31, the exchange gave IMC a 180-calendar-day extension – until July 29 – to regain compliance.
Now, according to the Nasdaq, IMC’s closing price has met or surpassed the $1-per-share minimum for 10 consecutive business days between July 12-25, the Monday release noted.
IMC applied to list on the Nasdaq in October 2020.
At the time, in addition to its operations in Germany and Israel, IMC had a 25% interest in a cultivation joint venture in Greece and a subsidiary in Portugal and had recently established IMC Netherlands, MJBizDaily reported.
But since then, IMC has had a sometimes-turbulent history that included layoffs and an exit from the Canadian market in March 2023.
The company’s shares trade as IMCC on the Nasdaq and the Canadian Securities Exchange.
IMC – which has offices in Toronto and Glil Yam, Israel – said in the release it currently operates:
- Adjupharm GmbH, which distributes medical cannabis to pharmacies for patients in Germany.
- Israel Focus Medical Herbs, which imports and distributes medical cannabis to patients in the Middle Eastern country as well as MMJ pharmacies, online platforms, distribution centers and logistical hubs.
