GLIL YAM, Israel, Nov. 17,
2022 /PRNewswire/ -- IM Cannabis Corp. ("IMC"
or the "Company") (NASDAQ: IMCC) (CSE: IMCC), an
international medical cannabis company, announced today that
further to the press release dated November
14, 2022, all of its issued and outstanding common shares
("Common Shares") began trading on the Canadian Securities Exchange
(the "CSE") and the Nasdaq Capital Market ("NASDAQ")
on a post-consolidation basis on November
17, 2022.
On November 14, 2022, the Company
announced that the Common Shares would be consolidated on the basis
of one (1) post-consolidation Common Share for each ten (10)
pre-consolidation Common Shares (the "Share Consolidation").
The Company's shareholders approved the Share Consolidation at the
Company's annual general and special meeting of shareholders held
on October 20, 2022. The Share Consolidation is intended to
increase the trading price of the Common Shares to enable the
Company to satisfy the minimum bid price requirement for continued
listing on the NASDAQ. The Company's post-Share Consolidation
Common Shares will continue to trade on the CSE and NASDAQ under
the same symbol, "IMCC". The new CUSIP and ISIN numbers for the
post-consolidated Common Shares are 44969Q307 and CA44969Q3070,
respectively.
The Share Consolidation has reduced the number of existing
Common Shares from 75,695,325 Common Shares to approximately
7,569,526 Common Shares, subject to adjustments for rounding
purposes. A letter of transmittal was sent by mail to registered
shareholders advising that the Share Consolidation has taken
effect. The letter instructs registered shareholders on how to
exchange their share certificates or Direct Registration System
("DRS") statements evidencing their pre-Share Consolidation
Common Shares for new share certificates or DRS that represent the
number of post-Share Consolidation Common Shares to which they are
entitled. Following the Share Consolidation, any fractional
interest in a Common Share that is less than 0.5 of a Common Share
will be rounded down to the nearest whole Common Share and any
fractional interest in a Common Share that is 0.5 or greater of a
Common Share will be rounded up to the nearest whole Common Share.
Proportionate adjustments will be made to the Company's outstanding
securities that are convertible, exchangeable or exercisable for
Common Shares.
Beneficial shareholders holding their Common Shares through an
intermediary may be subject to different procedures for obtaining
their post-Share Consolidation Common Shares. If you have questions
in this regard, you are encouraged to contact your
intermediary.
About IM Cannabis Corp.
IM Cannabis (NASDAQ: IMCC) (CSE: IMCC) is an international
cannabis company that operates in the three largest federally legal
markets, providing premium products to medical patients in
Israel and Germany, and to adult-use recreational
consumers in Canada. The Company
leverages a transnational ecosystem powered by a unique data-driven
approach and a globally sourced product supply chain. With an
unwavering commitment to responsible growth and compliance with the
strictest regulatory environments, the Company strives to amplify
its commercial and brand power to become a global high-quality
cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship
with Focus Medical Herbs Ltd. ("Focus Medical"), which imports, and
distributes cannabis to medical patients, leveraging years of
proprietary data and patient insights. The Company also operates
medical cannabis retail pharmacies, online platforms, distribution
centers and logistical hubs in Israel that enable the safe delivery and
quality control of IM Cannabis products throughout the entire value
chain. In Germany, the IMC
ecosystem operates through Adjupharm GmbH, where it also
distributes cannabis to pharmacies to medical cannabis patients. In
Canada, IMC operates through
Trichome Financial and its wholly-owned subsidiaries Trichome JWC
Acquisition Corp. and MYM Nutraceuticals Inc., where it cultivates
and processes cannabis for the adult-use market at its Ontario and Nova
Scotia facilities under the WAGNERS and Highland Grow
brands. For more information, please visit www.imcannabis.com.
Company Contact:
Maya Lustig, Director Investor
& Public Relations
IM Cannabis
+972-54-677-8100
maya.l@imcannabis.com
Oren Shuster, CEO
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com
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SOURCE IM Cannabis Corp.