Akanda Has Regained Compliance with Nasdaq's Minimum Bid Price Requirement

Rhea-AI Summary

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.

Positive

• Regained compliance with Nasdaq's Minimum Bid Price Requirement.
• Maintained a closing bid price of at least $1.00 for 10 consecutive business days.
• Closed the non-compliance issue with Nasdaq, ensuring continued listing on the exchange.

Negative

• Previously failed to maintain a minimum bid price of $1.00 for 30 consecutive business days.
• Potential risk of future non-compliance if share price dips again.

London, United Kingdom--(Newsfile Corp. - June 12, 2024) - Akanda Corp. (NASDAQ: AKAN) ("Akanda" or the "Company"), an international medical cannabis company, today announced that it has received a letter (the "Compliance Notice") from the Listing Qualifications Department of The Nasdaq Stock Market Inc. ("Nasdaq") dated June 7, 2024, informing the Company that it has regained compliance with Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Requirement").

As previously announced, Akanda received a notification letter from Nasdaq dated July 3, 2023 indicating that its common shares failed to maintain a minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of Nasdaq. According to the Compliance Notice, since then, Nasdaq has determined that for 10 consecutive business days, from May 23, 2024 to June 6, 2024, the closing bid price of the Company's common shares has been at $1.00 per share or greater, and accordingly the Company has regained compliance with the Minimum Bid Price Requirement and the matter is closed.

About Akanda Corp.

Akanda is an international medical cannabis and wellness platform company seeking to help people lead better lives through improved access to high quality and affordable products. Akanda's portfolio includes CanMart, a UK-based fully licensed pharmaceutical importer and distributor which supplies pharmacies and clinics within the UK. The Company's seed-to-patient supply chain also includes partnerships Cellen Life Sciences' Leva Clinic, one of the first fully digital pain clinics in the UK. Akanda also acquired the right to develop a Canadian farming property in British Columbia, including farming land and related operations and licenses. The Company plans to develop THC and cannabinoid (CBD) facilities at this site.

Connect with Akanda: Email | Website | LinkedIn | Twitter | Instagram

Investor Contact

ir@akandacorp.com

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain "forward-looking information" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Akanda's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Akanda's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved" and similar expressions and include statements regarding the timing and completion of the proposed offering. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, product development and sales and growth plans. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Akanda does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212710

FAQ

What recent compliance has Akanda Corp. achieved with Nasdaq?

Akanda has regained compliance with Nasdaq's Minimum Bid Price Requirement as of June 7, 2024.

When did Akanda Corp. receive the compliance notice from Nasdaq?

Akanda received the compliance notice on June 7, 2024.

What was Akanda's stock price requirement to regain Nasdaq compliance?

Akanda's stock needed to maintain a closing bid price of at least $1.00 for 10 consecutive business days.

What was the period during which Akanda maintained the required bid price?

From May 23, 2024, to June 6, 2024.

What was the previous non-compliance issue faced by Akanda?

Akanda's shares failed to maintain a minimum bid price of $1.00 over a 30 consecutive business day period as of July 3, 2023.