Organigram Provides NASDAQ Listing Update
January 26 2023 - 06:00AM
Business Wire
Organigram Holdings Inc. (“Organigram” or the “Company”) (TSX:
OGI; NASDAQ: OGI), today announced that it received notification
(the “Notification”) from The Nasdaq Stock Market LLC (“NASDAQ”)
that it is not in compliance with the minimum bid price requirement
in NASDAQ Listing Rule 5450(a)(1) for continued listing on the
NASDAQ Global Select Market, since the closing bid price for the
Company’s common shares listed on NASDAQ was below US$1.00 for 30
consecutive trading days. NASDAQ Listing Rule 5450(a)(1) requires
the common shares to maintain a minimum bid price of US$1.00 per
share (the “Minimum Bid Requirement”), and NASDAQ Listing Rule
5810(c)(3)(A) provides that failure to meet such requirement exists
if the deficiency continues for a period of 30 consecutive business
days.
The Notification has no immediate effect on the listing of the
Company’s common shares on the NASDAQ Global Select Market. Under
NASDAQ Listing Rule 5810(c)(3)(A), the Company has a period of 180
calendar days from the date of Notification, being until July 24,
2023, to regain compliance with the Minimum Bid Requirement, during
which time the common shares will continue to trade on the NASDAQ
Global Select Market. If at any time before July 24, 2023, the bid
price of the common shares closes at or above US$1.00 per share for
a minimum of 10 consecutive business days, the Company will regain
compliance with the Minimum Bid Requirement. In the event the
Company does not regain compliance with the Minimum Bid Requirement
by July 24, 2023, the Company may be eligible for an
additional period of 180 calendar days to regain compliance or may
be subject to delisting of the common shares from the NASDAQ Global
Select Market. The Company’s common shares are also listed on the
Toronto Stock Exchange and the Notification does not affect the
Company’s compliance status with such listing.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a NASDAQ Global Select Market and
TSX listed company whose wholly-owned subsidiaries include:
Organigram Inc. and Laurentian Organic Inc., licensed producers of
cannabis and cannabis-derived products in Canada, and The Edibles
and Infusions Corporation, a licensed manufacturer of
cannabis-infused soft chews in Canada.
Organigram is focused on producing high-quality, cannabis for
patients and adult recreational consumers, as well as developing
international business partnerships to extend the Company’s global
footprint. Organigram has also developed and acquired a portfolio
of legal adult-use recreational cannabis brands, including Edison,
Big Bag O’ Buds, SHRED, SHRED’ems, Monjour, Laurentian, Tremblant
Cannabis and Trailblazer. Organigram operates facilities in
Moncton, New Brunswick and Lac-Supérieur, Quebec, with a dedicated
edibles manufacturing facility in Winnipeg, Manitoba. The Company
is regulated by the Cannabis Act and the Cannabis Regulations
(Canada).
This news release contains forward-looking information. Often,
but not always, forward-looking information can be identified by
the use of words such as “plans”, “expects”, “estimates”,
“intends”, “anticipates”, “believes” or variations of such words
and phrases or state that certain actions, events, or results
“may”, “could”, “would”, “might” or “will” be taken, occur or be
achieved. Forward-looking information involves known and unknown
risks, uncertainties and other factors that may cause actual
results, events, performance or achievements of Organigram to
differ materially from current expectations or future results,
performance or achievements expressed or implied by the
forward-looking information contained in this news release. Risks,
uncertainties and other factors involved with forward-looking
information could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information include
factors and risks as disclosed in the Company’s most recent annual
information form, management’s discussion and analysis and other
Company documents filed from time to time on SEDAR (see
www.sedar.com) and filed or furnished to the Securities and
Exchange Commission on EDGAR (see www.sec.gov). Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Although the Company believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such
information and no assurance can be given that such events will
occur in the disclosed time frames or at all. The forward-looking
information included in this news release are made as of the date
of this news release and the Company disclaims any intention or
obligation, except to the extent required by law, to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230126005386/en/
For media inquiries: Paolo De Luca Chief Strategy Officer
paolo.deluca@organigram.ca For investor inquiries:
investors@organigram.ca
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