Im Cannabis Corp Stock Price, News & Analysis

IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) has regained compliance with Nasdaq's minimum bid price requirement. The company received formal notice from Nasdaq on July 26, 2024, confirming its adherence to the $1.00 per share minimum for 10 consecutive business days from July 12 to July 25, 2024. This development follows a previous notification of non-compliance on August 1, 2023, and a subsequent 180-day extension granted on January 31, 2024. IMC, a leading medical cannabis company operating in Israel and Germany, is now fully compliant with all applicable Nasdaq listing standards and will continue to be listed and traded on the Nasdaq Stock Market.

IM Cannabis has announced the commencement of trading its common shares on a 6:1 post-consolidated basis as of July 12, 2024. The number of common shares has been reduced from 13,394,136 to 2,232,357. The trading symbol on both the CSE and NASDAQ remains 'IMCC'. New CUSIP and ISIN numbers are 44969Q406 and CA44969Q4060, respectively. Fractional shares were managed by rounding or cancellation. Adjustments were made to the exercise and conversion prices of convertible securities. Registered shareholders received instructions for the exchange of their pre-consolidation shares, while beneficial holders are advised to contact their intermediaries for details on the consolidation process.

IM Cannabis has announced a 1-for-6 reverse stock split for its outstanding common shares, effective July 12, 2024. The consolidation will reduce the number of shares from 13,394,136 to 2,232,357. No fractional shares will be issued; shares will be rounded up or canceled. The company's CUSIP and ISIN numbers will change, but its name and stock symbols will remain the same. Shareholders will receive instructions from Computershare Investor Services for exchanging their shares. No action is required from beneficial holders; they should contact their brokers for details.

IM Cannabis Corp (IMCC) announces accelerated growth in Germany, partly due to a new supply agreement with EU-GMP certified Glasshouse Botanics. The April 1st partial legalization of cannabis in Germany is driving significant growth in the medical market. IMC's German subsidiary, Adjupharm, has enhanced its supply chain to support this growth, achieving 182% growth in 2023.

Since the legalization, sales from April to May have increased by over 160% compared to the previous six months. IMC's strategy focuses on maintaining a reliable supply chain through EU-GMP certification. In addition, Marc Lustig is stepping down from the Board, with Oren Shuster taking over as Chairman.

IM Cannabis Corp (IMCC) has closed a non-brokered private placement of secured convertible debentures, raising $2,091,977. The debentures, maturing on May 26, 2025, may be converted to common shares at $0.85 per share and will not incur interest unless there is a default. This move aims to reduce financial costs and support accelerated growth in Germany following its recent legalization of cannabis. CEO Oren Shuster, a related party, subscribed for $237,214 in debentures. IMC has also reduced its 2023 G&A costs by 49% compared to 2022.

IM Cannabis Corp. reported its financial results for Q1 2024, showing a 13% revenue increase compared to Q4 2023. Gross profit increased by 125% but dropped by 39% compared to Q1 2023. Operating expenses decreased by 29%, with a 12% increase in Non-IFRS Adjusted EBITDA loss. The Company plans a private placement of secured convertible debentures. Despite revenue effects from the Israel-Hamas war, IMC expects growth in the German market post-legalization.

IM Cannabis Corp. will report its operational and financial results for the first quarter of 2024 on May 8th, 2024. The company, a key player in the medical cannabis sector operating in Israel and Germany, will hold a zoom conference at 9:00am ET to discuss the results with investors. A recording will be available on the company's website within 24 hours.