AKANDA CORP Stock Price, News & Analysis

Akanda (NASDAQ: AKAN), a global medical cannabis company, completed the sale of securities under its Form F-3 shelf registration statement, raising approximately $4.98 million in gross proceeds. The shelf registration had a capacity of $5 million and was effective from January 29, 2024. Interim CEO Katie Field stated that Akanda has now fully utilized the registration's capacity and will need to file a new registration for any future offerings. The securities were sold through a previously filed Form S-3 with the SEC.

Akanda Corp. (NASDAQ: AKAN), an international medical cannabis company, has announced that it has regained compliance with Nasdaq's Minimum Bid Price Requirement. On June 7, 2024, Nasdaq's Listing Qualifications Department informed Akanda that its common shares maintained a closing bid price of at least $1.00 for 10 consecutive business days, from May 23, 2024, to June 6, 2024. This comes after a prior notification on July 3, 2023, indicating non-compliance with the same rule, which mandates a minimum bid price of $1.00 over 30 consecutive business days. The matter is now considered closed by Nasdaq.

Akanda, an international medical cannabis company, announces a 1-for-40 reverse stock split effective May 23, 2024. This means every 40 shares of Akanda's ordinary shares will be consolidated into one. Trading will continue under the symbol 'AKAN' on Nasdaq with a new CUSIP number, 00971M304. No fractional shares will be issued; fractions will be rounded down. The split does not alter any shareholder's percentage interest, except for fractional share adjustments. The reverse split was approved by the board and shareholders, with Articles of Amendment filed with Ontario's government on the effective date.

Akanda (NASDAQ: AKAN), a medical cannabis company, closed its second registered direct offering, issuing 2,491,381 common shares at $0.1031 per share and 12,057,600 pre-funded warrants at $0.103 per share. The pre-funded warrants are immediately exercisable at $0.0001 per share. Gross proceeds reached approximately $1.5 million. Univest Securities acted as the financial advisor for the offering. Funds will be used for capital expenditures, operating capacity, working capital, general corporate purposes, refinancing of debt, and acquisitions. The offering was made under an effective shelf registration statement filed with the SEC.

Akanda Corp. (NASDAQ: AKAN), an international medical cannabis company, has announced a second securities purchase agreement with an accredited investor. The investor will purchase 2,491,381 common shares at a price of $0.1031 each and 12,057,600 pre-funded warrants at $0.103 per share in a registered direct offering. The pre-funded warrants have an exercise price of $0.0001 and are immediately exercisable. Gross proceeds to Akanda are estimated at $1.5 million before fees and expenses, with the offering expected to close around May 17, 2024. The net proceeds will be used for general working capital and corporate expenses. The offering is made under an effective registration statement filed with the SEC.

Akanda, an international medical cannabis company trading on NASDAQ under the symbol AKAN, has closed its registered direct offering. The offering involved the sale of 2,491,381 common shares at $0.1031 per share and 21,756,922 pre-funded warrants at $0.103 per share. The warrants are immediately exercisable at $0.0001 per share. Univest Securities acted as the exclusive financial advisor. Gross proceeds were approximately $2.5 million, before deducting fees and expenses. Funds will be used for capital expenditures, working capital, corporate purposes, debt repayment, and acquisitions.

Akanda Corp. (NASDAQ: AKAN), a medical cannabis company, announced a securities purchase agreement with an accredited investor. The investor will acquire 2,491,381 common shares at $0.1031 each and 21,756,922 pre-funded warrants at $0.103 per share. The warrants are immediately exercisable at $0.0001 per share. The gross proceeds are estimated at $2.5 million, which Akanda will use for working capital and corporate expenses. The offering, expected to close around May 17, 2024, is made under Nasdaq rules and involves Univest Securities as the financial advisor. The securities are registered under an effective shelf registration statement filed with the SEC.

Akanda Corp. (NASDAQ: AKAN) received a deficiency notification from Nasdaq on May 14, 2024, for not meeting the minimum stockholders' equity requirement of $2.5 million.

As per their Form 20-F for the fiscal year ending December 31, 2023, Akanda's stockholders' equity was reported at ($3,828,892).

The company has until June 28, 2024, to submit a compliance plan. If accepted, Nasdaq may grant an extension of up to 180 days. Akanda plans to submit a comprehensive plan within this timeframe.

Meanwhile, their Nasdaq listing remains unaffected, and shares continue to trade under the symbol 'AKAN'.

Katie Field, interim CEO, affirmed that immediate steps are being taken to address the issue and regain compliance.

Akanda Corp (NASDAQ: AKAN) announced a settlement agreement with former CEO Tejinder Virk. This settlement concludes disputes that began after Virk's resignation on February 3, 2023. The agreement resolves all outstanding claims and disputes, allowing both parties to focus on future endeavors. CEO Katharyn Field stated that the decision to settle is in the company's best interest, enabling them to allocate resources to strategic priorities without any distractions. The agreement includes a waiver of all claims related to Virk's employment and termination.