LONDON – Akanda Corp. (NASDAQ: AKAN), an international medical cannabis company, has received a deficiency notification from the Nasdaq Listing Qualifications Department on May 14, 2024. The notice was issued because the company did not meet the minimum stockholders’ equity requirement of $2,500,000, as per Nasdaq Listing Rule 5550(b)(1). According to Akanda’s Form 20-F for the fiscal year ending December 31, 2023, the company’s stockholders’ equity stood at a negative $3,828,892.
The company has not met alternative compliance standards based on the market value of listed securities or net income from continuing operations. Akanda has until June 28, 2024, to submit a plan to regain compliance. If the plan is accepted, Nasdaq may grant an extension of up to 180 days to demonstrate compliance.
Katie Field, Interim CEO of Akanda, stated that immediate steps are being taken to address the issue and the company is focused on actions to regain compliance with Nasdaq’s listing requirements. She also expressed gratitude for the support from investors during this period.
This notification does not affect Akanda’s current listing on the Nasdaq, and its shares will continue to trade on the Nasdaq Capital Market under the symbol “AKAN”. The company will provide updates on its progress in regaining compliance as necessary.
Akanda’s business includes CanMart, a UK-based pharmaceutical importer and distributor, and partnerships with Cellen Life Sciences’ Leva Clinic, a digital pain clinic in the UK. Additionally, Akanda has acquired development rights for a farming property in British Columbia, Canada, intended for THC and CBD facilities.
remove ads
.
This press release statement is in line with Nasdaq Listing Rule 5810(b), which requires timely public disclosure of a deficiency notification. The information is based on the press release statement and does not include any forward-looking statements from Akanda.
InvestingPro Insights
As Akanda Corp. (NASDAQ: AKAN) navigates through its recent Nasdaq compliance challenges, real-time metrics from InvestingPro shed light on the company’s financial health and market performance. With a market capitalization of just $0.88 million USD, the company’s size is a critical factor to consider. The data indicates that Akanda’s price-to-earnings (P/E) ratio stands at -0.07 when adjusted for the last twelve months as of Q4 2023, underscoring the company’s…
Click Here to Read the Full Original Article at All News…
