IM Cannabis Plans 30:1 Reverse Split to Avoid Nasdaq Delisting
IMCC sits 19% above its 52-week low of $0.086 on light trading volume (0.2× avg).
Summary
IM Cannabis approved a 30:1 share consolidation, effective August 27, to lift its stock price above Nasdaq's $1.00 minimum bid requirement. The company has until October 6 to regain compliance, and the reverse split reduces outstanding shares from 18.1 million to about 604,000. This follows a series of dilutive financings and a widening Q2 loss that pushed the stock to $0.10. The move is a last-ditch effort to maintain its Nasdaq listing, but there is no guarantee the higher price will hold.
At the time of this announcement, IMCC was trading at $0.10 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $945.8K. The 52-week trading range was $0.09 to $2.79. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: PR Newswire.