TORONTO and GLIL YAM,
Israel, July 12, 2024 /PRNewswire/ -- IM Cannabis Corp.
(CSE: IMCC) (NASDAQ: IMCC) (the "Company" or "IM
Cannabis"), a leading medical cannabis company with operations
in Israel and Germany, is
pleased to announce that, further to its press release dated
July 5, 2024, effective today the
Company's common shares ("Common Shares") are trading on the
Canadian Securities Exchange (the "CSE") and Nasdaq Stock
Market LLC ("NASDAQ") on a 6:1 post-consolidated basis (the
"Consolidation").
The Company's trading symbol remains "IMCC" on both the CSE and
NASDAQ. The Company's new CUSIP and ISIN numbers are 44969Q406 and
CA44969Q4060, respectively.
After giving effect to the Consolidation, the Common Shares were
reduced from 13,394,136 to 2,232,357 Common Shares. No fractional
Common Shares were issued in connection with the Consolidation.
Instead, all fractional Common Shares equal to or greater than
one-half resulting from the Consolidation were rounded to the next
whole number, otherwise, the fractional Common Share were
cancelled. The exercise price and/or conversion price and number of
Common Shares issuable under any of the Company's outstanding
convertible securities were proportionately adjusted in connection
with the Consolidation.
Computershare Investor Services Inc., the Company's
registrar and transfer agent for the Common Shares, has mailed
letters of transmittal to registered shareholders of record as of
July 12, 2024 providing instructions
for the exchange of their Common Shares as soon as practicable
following the effective date. Registered shareholders may also
obtain a copy of the letter of transmittal by accessing the
Company's SEDAR+ profile at www.sedarplus.ca. Until surrendered,
each Common Share certificate or direct registration system
statement representing pre-consolidated Common Shares will
represent the number of whole post-consolidated Common Shares to
which the holder is entitled as a result of the Consolidation. No
action is required by beneficial holders to receive
post-consolidation Common Shares in connection with the
Consolidation. Beneficial holders who hold their Common Shares
through intermediaries (e.g., a broker, bank, trust company
investment dealer or other financial institution) and who have
questions regarding how the Consolidation will be processed should
contact their intermediaries with respect to the Consolidation.
About IM Cannabis Corp.
IM Cannabis (Nasdaq: IMCC) (CSE: IMCC) is an international
cannabis company that provides premium cannabis products to medical
patients in Israel and
Germany, two of the largest
medical cannabis markets. The Company has focused its resources to
achieve sustainable and profitable growth in its highest value
markets, Israel and Germany. The Company leverages a transnational
ecosystem powered by a unique data-driven approach and a globally
sourced product supply chain. With an unwavering commitment to
responsible growth and compliance with the strictest regulatory
environments, the Company strives to amplify its commercial and
brand power to become a global high-quality cannabis player.
The IMC ecosystem operates in Israel through its commercial relationship
with Focus Medical Herbs Ltd., which imports and distributes
cannabis to medical patients, leveraging years of proprietary data
and patient insights. The Company also operates medical cannabis
retail pharmacies, online platforms, distribution centers, and
logistical hubs in Israel that
enable the safe delivery and quality control of IM Cannabis'
products throughout the entire value chain. In Germany, the IM Cannabis ecosystem operates
through Adjupharm GmbH, where it distributes cannabis to pharmacies
for medical cannabis patients.
Disclaimer for Forward-Looking Statements
This press release contains forward-looking information or
forward-looking statements under applicable Canadian and U.S.
securities laws (collectively, "forward-looking
statements"). All information that addresses activities or
developments that we expect to occur in the future are
forward-looking statements. Forward-looking statements are often,
but not always, identified by the use of words such as "seek",
"anticipate", "believe", "plan", "estimate", "expect", "likely" and
"intend" and statements that an event or result "may", "will",
"should", "could" or "might" occur or be achieved and other similar
expressions. Forward-looking statements are based on the estimates
and opinions of management on the date the statements are made. In
the press release, such forward-looking statements include, but are
not limited to, statements relating to the Company amplifying its
commercial and brand power to become a global high-quality cannabis
player.
Forward-looking information is based on assumptions that may
prove to be incorrect, including but not limited to: the Company's
ability to maintain the listing requirements of the CSE and NASDAQ;
the Company's ability to focus on Israel, Germany and Europe; the Company's ability to realize upon
the stated benefits of the partial legalization of cannabis in
Germany; and the Company
amplifying its commercial and brand power to become a global
high-quality cannabis player. The above lists of forward-looking
statements and assumptions are not exhaustive. Since
forward-looking statements address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Actual results may differ materially from those currently
anticipated or implied by such forward-looking statements due to a
number of factors and risks. These include: the failure of the
Company to comply with applicable regulatory requirements in a
highly regulated industry; unexpected changes in governmental
policies and regulations in the jurisdictions in which the Company
operates; the Company's ability to continue to meet the listing
requirements of the CSE and NASDAQ; any unexpected failure to
maintain in good standing or renew its licenses; the ability of the
Company and Focus Medical Herbs Ltd. (collectively, the
"Group") to deliver on their sales commitments or growth
objectives; the reliance of the Group on third-party supply
agreements to provide sufficient quantities of medical cannabis to
fulfil the Group's obligations; the Group's possible exposure to
liability, the perceived level of risk related thereto, and the
anticipated results of any litigation or other similar disputes or
legal proceedings involving the Group; the impact of increasing
competition; any lack of merger and acquisition opportunities;
adverse market conditions; the inherent uncertainty of production
quantities, qualities and cost estimates and the potential for
unexpected costs and expenses; risks of product liability and other
safety-related liability from the usage of the Group's cannabis
products; supply chain constraints; reliance on key personnel; the
risk of defaulting on existing debt and war, conflict and civil
unrest in Eastern Europe and the
Middle East; the risk of the
Company's inability to capitalize upon the partial legalization of
cannabis in Germany; and risks the
Company will be unable to amplify its commercial and brand power
and/or be unable to become a global high-quality cannabis
player.
Please see the other risks, uncertainties and factors set out
under the heading "Risk Factors" in the Company's annual report
dated March 28, 2024, which is
available on the Company's issuer profile on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Any
forward-looking statement included in this press release is made as
of the date of this press release and is based on the beliefs,
estimates, expectations and opinions of management on the date such
forward looking information is made. The Company does not undertake
any obligation to update forward-looking statements except as
required by applicable securities laws. Investors should not place
undue reliance on forward-looking statements. Forward-looking
statements contained in this press release are expressly qualified
by this cautionary statement.
Any forward-looking statement included in this press release is
made as of the date of this press release and is based on the
beliefs, estimates, expectations, and opinions of management on the
date such forward-looking information is made. The Company does not
undertake any obligation to update forward-looking statements
except as required by applicable securities laws. Investors should
not place undue reliance on forward-looking statements.
Forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
Company Contact:
Anna
Taranko, Director Investor & Public Relations
IM Cannabis Corp.
+49 157 80554338
a.taranko@imcannabis.de
Oren Shuster, Chief Executive
Officer
IM Cannabis Corp.
+972-77-3603504
info@imcannabis.com
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