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(CNW) TORONTO and GLIL YAM, Israel – IM Cannabis Corp., a leading medical cannabis company with operations in Israel and Germany, announces that the board of directors of the company has approved a consolidation of its issued and outstanding common shares on the basis of one post-consolidated Common Share for every six pre-consolidated Common Shares.
The Board has set July 12, 2024 as the effective date of the consolidation and anticipates the Common Shares to trade on a post-consolidated basis effective July 12, 2024, subject to final confirmation from the Canadian Securities Exchange and Nasdaq Stock Market LLC. Upon the competition of the consolidation, the CUSIP and ISIN of the Common Shares will be changed to 44969Q406 and CA44969Q4060, respectively. The company’s name and stock symbols shall remain unchanged.
After giving effect to the consolidation, the Common Shares will be reduced from 13,394,136 to 2,232,357 Common Shares. No fractional Common Shares will be issued in connection with the consolidation. Instead, all fractional Common Shares equal to or greater than one-half resulting from the Consolidation will be rounded to the next whole number, otherwise, the fractional Common Share will be cancelled. The exercise price and/or conversion price and number of Common Shares issuable under any of the company’s outstanding convertible securities will be proportionately adjusted in connection with the Consolidation.
Shareholders of record as of the effective date will receive a letter of transmittal from Computershare Investor Services Inc., the company’s registrar and transfer agent for the Common Shares, 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 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.
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