Canopy Growth Corp (CGC): Nasdaq/NYSE listing notice — Canopy Growth receives Nasdaq deficiency notice for bid price below $1.00; proposes reverse stock split

Canopy Growth Corp

Nasdaq notified Canopy Growth on July 11, 2023 that closing bid price was below $1.00 for 30 consecutive business days.
Company has 180 calendar days (until Jan 8, 2024) to regain compliance by closing at $1.00 for 10 consecutive business days.
Plans to seek shareholder approval at Sep 25, 2023 annual meeting for reverse stock split at ratio of 5:1 to 15:1.
Failure to regain compliance may result in additional 180-day period if transferred to Nasdaq Capital Market, or eventual delisting.
Common shares continue trading on Nasdaq and TSX; TSX compliance unaffected.

item 3.01

Key facts

Extracted from this filing and checked against the source text.

Listing & Compliance Notices SEC 8-K Item 3.01 confidence 0.9

Canopy Growth Corp received a nasdaq deficiency notice notice regarding minimum bid price (rules 5450(a)(1)).

Exchange: nasdaq
Notice: deficiency notice
Deficiency: minimum bid price
Rules: 5450(a)(1)

Exact text from the filing

July 11, 2023, Canopy Growth Corporation (the “Company”) received written notice (the “Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that it is not in compliance with Nasdaq Listing Rule 5450(a)(1), as the closing bid price of the Company’s common shares (the “Common Shares”) listed on The Nasdaq Global Select Market has been below $1.00 per share for the 30 consecutive business days prior to the date of the Letter (the “Minimum Bid Price Requirement”). The Letter has no immediate effect on the listing or trading of the Comm

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Canopy Growth Corp filing history →

Source: SEC EDGAR

accession 0001104659-23-081000

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