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IM Cannabis Corp. (NASDAQ:IMCC), a leading medical marijuana company announced that its common shares are trading on a 6:1 post-consolidated basis.
This significant change follows the company’s strategic decision to reduce its outstanding shares, potentially making the stock more attractive to institutional investors and improving liquidity.
The recent consolidation reduced the number of outstanding shares from 13,394,136 to 2,232,357. This reduction can lead to an increase in the per-share price, which is appealing to institutional investors looking for stable and liquid investments.
Indeed, the stock price surged over 500% following the announcement, reflecting investor confidence.
IM Cannabis saw its stock price rise Friday noon. On NASDAQ, IMCC traded at $2.5319, up 586.1% with a volume of 43.37K.
The day range was $2.1678 - $2.51, and the 52-week range was $0.189 - $1.35. This surge could indicate a positive market reaction to the consolidation and the potential for improved liquidity and investment attractiveness.
IM Cannabis’s strong presence in Israel and Germany, two major medical marijuana markets, underscores its strategic focus on high-value regions.
The consolidation aims to streamline IM Cannabis’s share structure, potentially enhancing the stock’s marketability and aligning with strategic financial goals.
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Posted In: IMCC
