Akanda Corp. Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
July 06 2023 - 4:18PM
Business Wire
International medical cannabis platform company Akanda Corp.
("Akanda" or the “Company”) (NASDAQ: AKAN) today announced that the
Company has received a written notification (the “Notification
Letter”) on July 3, 2023 from the Listing Qualifications Department
of the Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company
that it is not in compliance with the minimum bid price requirement
set forth under Nasdaq Listing Rule 5550(a)(2). It resulted from
the fact that the closing bid price of the Company's common shares,
no par value ("Common Shares"), was below $1.00 per share for a
period of 30 consecutive business days.
The Notification Letter does not impact the Company’s listing on
the Nasdaq Capital Market at this time. In accordance with Nasdaq
Listing Rule 5810(c)(3)(A), the Company has been provided 180
calendar days, or until January 1, 2024, to regain compliance with
Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Company’s
common shares must have a closing bid price of at least $1.00 for a
minimum of 10 consecutive business days. In the event the Company
does not regain compliance by January 1, 2024 the Company may be
eligible for additional time to regain compliance or may face
delisting.
The Company’s business operations are not affected by the
receipt of the Notification Letter. The Company intends to monitor
the closing bid price of its Common Shares and may, if appropriate,
consider implementing available options, including, but not limited
to, implementing a reverse stock split of its Common Shares to
regain compliance with the minimum bid price requirement under the
Nasdaq Listing Rules.
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 Holigen, a Portugal-based cultivator,
manufacturer and distributor with a prized EU GMP certified indoor
grow facility; 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 with California-based Cookies, the most
globally recognized cannabis company in the world; Cansativa Group,
a leading importer and distributor of medical cannabis in Europe;
and Cellen Life Sciences’ Leva Clinic, one of the first fully
digital pain clinics in the UK.
Connect with Akanda: Email | Website | LinkedIn | Twitter |
Instagram
Cautionary Note Regarding Forward-Looking Information and
Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" 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". 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.
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Investor Contact
ir@akandacorp.com
Media Contact
Imogen Saunders Irvine Partners imogen@irvinepartners.co.uk
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