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London, UK–(Newsfile Corp. , January 4, 2024) – International corporate medical hashish platform Akanda Corp. (NASDAQ: AKAN) (“Akanda” or the “Company”), a company founded in Ontario, announced today that it has won a 180 calendar day extension from Nasdaq Stock Market LLC (“Nasdaq”) to repair compliance with Nasdaq’s $1. 00 minimum offering value requirement set forth in Nasdaq Listing Rule 5550(a)(2) to continue with the board of directors in the Nasdaq Capital Markets. (the “Bid Price Requirement”), after the expiration of the initial 180 calendar day period to repair compliance on January 2, 2024. The Nasdaq’s determination is based on the Company’s compliance with the requirement to maintain a directory for the market price of publicly traded stocks. for the initial board of directors in the Nasdaq capital market, excluding the requirement of the value of the offering, and the Company’s written report of its intent to address the deficiency at the time of compliance by completing an opposing inventory split, if necessary.
As a result of the extension, the Company now has until July 1, 2024 to return to compliance with the offering value requirement. If, at any time before July 1, 2024, the offering value of the Company’s common inventory closes at $1. 00 consistent with the percentage or higher for a minimum of 10 consecutive business days, Nasdaq will notify the Company in writing that it has complied with the Offer Price Requirement. If the Company chooses to implement an opposing inventory split to remedy compliance, it must complete the other inventory split no later than ten business days before the expiration of the additional 180 calendar days during the same period to resolve compliance in a timely manner. .
If the Company does not again meet the offer value requirement by July 1, 2024, Nasdaq will notify the Company in writing that its shares will be delisted. At that time, the Company would possibly appeal the delisting order to a Nasdaq hearing panel. The Company would remain indexed pending the Panel’s resolution. There can be no guarantee that, if the Company appeals an upcoming delisting order, that appeal will be successful.
This existing notice through Nasdaq has no immediate effect on the board of directors or trading in the Company’s shares, which will continue to trade on the Nasdaq Capital Market under the symbol AKAN.
About Akanda Corp.
Akanda is a foreign medical hash and wellness platform company that seeks to help other people lead a better life through high-quality and more affordable products. Akanda’s portfolio includes Holigen, a producer, manufacturer and distributor founded in Portugal with a sought-after company in the EU. -GMP certified indoor cultivation facility; CanMart, a fully legal UK-founded pharmaceutical importer and distributor that supplies pharmacies and clinics across the UK. The company’s seed-to-patient supply chain also includes partnerships with California-founded Cookies, the world’s best-known hash company; Cansativa Group, one of Europe’s leading importers and sellers of medical hashish; and Cellen Life Sciences’ Leva Clinic, one of the UK’s first fully virtual pain clinics.
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Cautionary Note Regarding Forward-Looking Statements and Information
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Akanda’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Akanda’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, product development and sales and growth plans. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Akanda does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.
Investor Contact
ir@akandacorp. com
Media Contact
Imogen SaundersIrvine Partnersimogen@irvinepartners. co. uk
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193200