IM Cannabis Corp. (IMCC), a medical cannabis company in Israel and Germany, announced that its board of directors has approved a consolidation of its issued and outstanding common shares on a 30-to-1 basis. The move is aimed at supporting the company's efforts to regain compliance with Nasdaq's minimum bid price requirement of US$1.00 per share.
The consolidation is expected to take effect on August 27, 2026, subject to final confirmation from Nasdaq and completion of corporate and market processes. Following the adjustment, IM Cannabis shares will begin trading on a post-consolidation basis at the opening of the day's session.
Upon completion, the company's outstanding shares will be reduced from approximately 18.1 million to 603,922, with fractional shares rounded up or cancelled as per standard practice. The company's name and ticker symbol "IMCC" will remain unchanged, though new CUSIP and ISIN identifiers will be assigned.
The consolidation is intended to raise the per-share trading price, giving IM Cannabis until October 6, 2026, to demonstrate compliance by maintaining a closing bid price of at least US$1.00 for ten consecutive business days. Management cautioned, however, that there is no assurance the consolidation alone will secure continued listing on Nasdaq.
IMCC closed Tuesday's trading at $0.10, down 0.10%. In pre-market trading the stock is at $0.10, down 4.67%.
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