false
2023-11-30
0001790169
00-0000000
Flora Growth Corp.
0001790169
2023-11-30
2023-11-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 30, 2023
FLORA GROWTH CORP.
(Exact name of registrant as specified in its charter)
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Ontario
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001-40397
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Not Applicable |
| (State or other jurisdiction |
(Commission |
(IRS Employer |
| of incorporation) |
File Number) |
Identification No.) |
3406 SW 26th Terrace, Suite C-1
Fort Lauderdale, Florida, United States
33132
(Address of principal executive offices) (ZIP Code)
Registrant’s telephone number, including area code: (954) 842-4989
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
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Trading Symbols |
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Name of each exchange on which registered |
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Common Shares, no par value
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FLGC
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NASDAQ Capital Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).
Emerging growth company ☑
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
The information regarding Thomas Solomon's resignation contained in Item 5.02 is incorporated herein by reference.
After giving effect to Mr. Solomon's resignation, the audit committee of the Board of Directors of Flora Growth Corp., a corporation organized under the laws of the province of Ontario (the "Company"), no longer had three independent members as required by NASDAQ Listing Rule 5605(c)(2)(A). The Company informed NASDAQ of the foregoing on December 4, 2023.
On December 6, 2023, the Company received a notification from NASDAQ, confirming that, for the reasons described above, the Company no longer complies with NASDAQ's audit committee requirements contained in NASDAQ Listing Rule 5605(c)(2)(A). As set forth in such notification, NASDAQ advised the Company that, under NASDAQ Rule 5605(c)(4), NASDAQ will provide the Company a cure period in order to regain compliance (i) until the earlier of the Company's next annual shareholders' meeting or November 30, 2024, or (ii) if the next annual shareholders' meeting is held before May 28, 2024, then the Company must evidence compliance no later than May 28, 2024.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On November 30, 2023, Mr. Thomas Solomon resigned as a director of the Company. Mr. Solomon did not resign as a result of any disagreement with the Company or any matter relating to the Company's operations, policies or practices.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| 104 |
Cover Page Interactive Data File |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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FLORA GROWTH CORP. |
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| Date: December 6, 2023 |
By: |
/s/ Clifford Starke |
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Name: |
Clifford Starke |
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Title: |
Chief Executive Officer |
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