TORONTO and GLIL YAM, Israel, Jan. 31, 2024 /PRNewswire/ — IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) (the “Company,” “IMCannabis,” or “IMC“), a leading medical cannabis company with operations in Israel and Germany, announced today that it has received a 180 calendar day extension, until July 29, 2024, from the Nasdaq Stock Market (“Nasdaq“), to regain compliance with Nasdaq Marketplace Rule 5550(a)(2) (the “Bid Price Rule“).
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. Therefore, in accordance with the Bid Price Rule, the Company was provided 180 calendar days, or until January 29, 2024, to regain…
