IM Cannabis Announces Intention to Complete Consolidation
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.
- The consolidation will reduce the number of outstanding shares, potentially increasing the value per share.
- The company's name and stock symbols will remain unchanged, ensuring brand consistency.
- The consolidation may indicate underlying financial challenges or an attempt to meet listing requirements.
- Shareholders with fractional shares may lose some value due to rounding and cancellations.
The Board has set July 12, 2024 as the effective date of the Consolidation and anticipates the Common Shares to trade on a post-consolidated basis effective July 12, 2024, subject to final confirmation from the Canadian Securities Exchange (the "CSE") and Nasdaq Stock Market LLC (the "NASDAQ"). Upon the competition of the Consolidation, the CUSIP and ISIN of the Common Shares will be changed to 44969Q406 and CA44969Q4060, respectively. The Company's name and stock symbols shall remain unchanged.
After giving effect to the Consolidation, the Common Shares will be reduced from 13,394,136 to 2,232,357 Common Shares. No fractional Common Shares will be issued in connection with the Consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation will be rounded to the next whole number, otherwise, the fractional Common Share will be cancelled. The exercise price and/or conversion price and number of Common Shares issuable under any of the Company's outstanding convertible securities will be proportionately adjusted in connection with the Consolidation.
Shareholders of record as of the effective date will receive a letter of transmittal from Computershare Investor Services Inc., the Company's registrar and transfer agent for the Common Shares, providing instructions for the exchange of their Common Shares as soon as practicable following the effective date. Registered shareholders may also obtain a copy of the letter of transmittal by accessing the Company's SEDAR+ profile at www.sedarplus.ca. Until surrendered, each share certificate or direct registration system statement representing pre-consolidated Common Shares will represent the number of whole post-consolidated Common Shares to which the holder is entitled as a result of the Consolidation. No action is required by beneficial holders to receive post-consolidation Common Shares in connection with the Consolidation. Beneficial holders who hold their Common Shares through intermediaries (e.g., a broker, bank, trust company investment dealer or other financial institution) and who have questions regarding how the Consolidation will be processed should contact their intermediaries with respect to the Consolidation.
About IM Cannabis Corp.
IM Cannabis (Nasdaq: IMCC) (CSE: IMCC) is an international cannabis company that provides premium cannabis products to medical patients in
The IMC ecosystem operates in
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements under applicable Canadian and
Forward-looking information is based on assumptions that may prove to be incorrect, including but not limited to: the Company's ability to maintain NASDAQ's continued listing requirements, the Company's ability to focus on
Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Company Contact:
Anna Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, Chief Executive Officer
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com
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SOURCE IM Cannabis Corp.
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