IM Cannabis Corp. received a written notification from Nasdaq on April 9, 2025, indicating non-compliance with Listing Rule 5550(b)(1). This rule requires companies to maintain a minimum of US$2.5 million in stockholders' equity for continued listing.
As of December 31, 2024, the company reported stockholders' equity of US$2,184,722, falling below the required threshold. IM Cannabis has been granted 45 calendar days, until May 26, 2025, to submit a plan to regain compliance with Nasdaq's listing requirements.
Concurrently, the company announced its intention to acquire the remaining 26% interest in Focus Medical Herbs Ltd. from Ewave Group Ltd. for NIS 818,740. The purchase price is intended to be settled through the issuance of common shares to preserve the company's cash, with shareholder approval to be sought at the upcoming annual general and special meeting scheduled for May 23, 2025.
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