IM Cannabis Announces Major Share Consolidation Plan: What Investors Need To Know
Portfolio Pulse from Patricio Liddle
IM Cannabis Corp. (NASDAQ:IMCC) has announced a major share consolidation plan, converting every six pre-consolidated shares into one post-consolidated share, effective July 12, 2024. This move aims to enhance the stock's marketability and align with strategic financial goals. Post-consolidation, the number of common shares will decrease significantly. The company's shares were trading 3.96% lower at $0.4485 per share at the time of the announcement.
July 05, 2024 | 3:02 pm
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IM Cannabis Corp. (NASDAQ:IMCC) announced a 6-to-1 share consolidation effective July 12, 2024. The move aims to enhance marketability and align with strategic financial goals. Shares were trading 3.96% lower at $0.4485 per share at the time of the announcement.
The share consolidation will reduce the number of outstanding shares, which can often lead to a temporary decrease in stock price due to market uncertainty. The 3.96% drop in share price at the time of the announcement reflects this sentiment. However, the long-term goal is to enhance marketability and align with strategic financial goals.
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