IM Cannabis Provides Corporate Updates

Core Points - IM Cannabis Corp. has received a notification from Nasdaq indicating non-compliance with Listing Rule 5550(b)(1) due to insufficient stockholders' equity of US$2,184,722 as of December 31, 2024, below the required US$2.5 million [2][3] - The company has 45 days to submit a compliance plan to regain Nasdaq listing compliance, with a potential extension of up to 180 days if accepted [4][5] - The company is pursuing the acquisition of the remaining 26% interest in Focus Medical Herbs Ltd. from Ewave Group Ltd., which involves related parties [7][16] - The purchase price for the remaining interest in Focus has been determined at NIS 818,740, to be settled through the issuance of common shares [8][17] - Approval for the Focus Transaction will be sought from disinterested shareholders at the upcoming annual general and special meeting scheduled for May 23, 2025 [9][18] Company Overview - IM Cannabis Corp. operates in the medical cannabis sector, providing premium products to patients in Israel and Germany, leveraging a data-driven approach and a global supply chain [18][19] - The company has a comprehensive ecosystem in Israel, including importation, distribution, retail pharmacies, and logistical hubs, while in Germany, it operates through Adjupharm GmbH [19]