IM Cannabis Corp. Achieves Compliance with Nasdaq Listing Standards

TEL AVIV — IM Cannabis Corp. a medical cannabis company operating in Israel and Germany, announced today that it has received formal notice from The Nasdaq Stock Market, LLC (“Nasdaq”) confirming the company’s compliance with the minimum bid price requirement outlined in Rule 5550(a)(2) of the Nasdaq Listing Rules (the “Minimum Bid Price Requirement”). This development ensures that IM Cannabis will maintain its listing and continue to be traded on the prestigious NASDAQ Stock Market.

Previously, on April 10, 2023, IM Cannabis received notification from Nasdaq indicating non-compliance with the Minimum Bid Price of $1.00 per share for 30 consecutive business days, spanning from February 24, 2023, to April 6, 2023. Nasdaq granted the company a 180-calendar day period, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), to regain compliance, which extended until October 9, 2023. To meet the minimum bid price requirement, IM Cannabis was required to maintain a minimum closing bid price of $1.00 or higher for at least 10 consecutive trading days.

IM Cannabis successfully fulfilled this condition, with the closing bid price of its listed securities surpassing $1.00 per share for a continuous 10-day trading period from May 26, 2023, through June 9, 2023. As a result, the company has now achieved compliance with Listing Rule 5550(a)(2), and the matter has been officially closed.

Regaining compliance with Nasdaq’s stringent listing standards is a significant milestone for IM Cannabis Corp. It reaffirms the company’s commitment to upholding the highest levels of regulatory and financial requirements within the industry. IM Cannabis continues to demonstrate its resilience and dedication to maintaining its position as a leading player in the medical cannabis market.