Canadian cannabis producer Canopy Growth plans to seek approval to consolidate its shares after the Smiths Falls-based company was notified by the Nasdaq that it does not meet the stock exchange’s listing standards.
Maintaining a minimum bid price of at least $1 per share is one of the Nasdaq’s listing requirements.
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However, the closing bid price of Canopy’s shares has been below $1 per share for 30 consecutive business days.
Under the Nasdaq rules, Canopy has 180 calendar days from the issuance of the letter on July 11 to regain compliance.
The shares will continue to be traded on the exchange in the meantime.
In Canada, Canopy lists on the Toronto Stock Exchange. The Nasdaq warning doesn’t affect that listing.
In a news release, Canopy said it is evaluating all “available options” to resolve the deficiency and regain compliance.
To that end, Canopy plans to
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