IM Cannabis Corp (IMCC) Provides Corporate Updates

IM Cannabis Corp. (NASDAQ: IMCC) today announced the following corproate updates.

As previously reported on April 11, 2025, the Company received a deficiency letter (the "Nasdaq Letter") on April 9, 2025 from the Listing Qualifications Department of The Nasdaq Stock Market LLC (the "Nasdaq") notifying the Company that it is not in compliance with Nasdaq Listing Rule 5550(b)(1), which requires the Company to maintain a minimum of $2,500,000 in stockholders' equity for continued listing on the Nasdaq Capital Market (the "Stockholders' Equity Requirement"), nor is it in compliance with either of the alternative listing standards, market value of listed securities of at least $35 million or net income of $500,000 from continuing operations in the most recently completed fiscal year, or in two of the three most recently completed fiscal years.

On May 23, 2025, the Company submitted to Nasdaq its plan to regain compliance with Nasdaq Listing Rule 5550(b)(1) (the "Compliance Plan"). Based on the Compliance Plan, on June 25, 2025, Nasdaq notified the Company that it had determined to grant the Company an extension of time to regain compliance with the Stockholders' Equity Requirement until October 6, 2025. If the Company fails to evidence compliance by the required deadline, the Company may be subject to delisting. At that time, the Company may appeal the Nasdaq staff's determination to a Hearings Panel.

The Company intends to take all reasonable measures available to regain compliance with the Nasdaq Listing Rules and remain listed on Nasdaq. However, there can be no assurance that the Company will ultimately regain compliance with all applicable requirements for continued listing.

Neither the Nasdaq Letter nor the Company's current noncompliance have an immediate effect on the listing or trading of the Company's common shares, which will continue to trade on the Nasdaq Capital Market under the symbol "IMCC".

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