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FORT LAUDERDALE - Flora Growth Corp. (NASDAQ:FLGC), a cannabis company with a market capitalization of $11.11 million, has regained compliance with Nasdaq’s minimum bid price requirement, the company announced Wednesday based on a notice received from the stock exchange on August 19.
The cannabis company had been notified on February 25 that it failed to maintain the required minimum bid price of $1.00 per share for 30 consecutive business days, placing it at risk of delisting. Nasdaq provided Flora with a standard 180-day compliance period to resolve the issue.
According to the company’s press release, Flora’s shares maintained a closing bid price above $1.00 for 10 consecutive trading days from August 4 through August 15, satisfying the exchange’s requirements for continued listing.
"Flora is now in compliance with all applicable listing standards and will continue to be listed and traded on Nasdaq," the company stated.
The Florida-based company, which also trades on the Frankfurt Stock Exchange (FSE:7301), has now resolved the compliance matter that had been pending since February.
Flora Growth operates in the cannabis industry with various business segments. The company’s announcement did not provide details about its operations or financial performance, focusing solely on the resolution of its Nasdaq listing status.
In other recent news, Flora Growth Corp. has enacted a 1-for-39 reverse stock split of its common shares, effective at 5:00 p.m. Eastern Time. The company announced that its shares would commence trading on a post-split basis on the Nasdaq Capital Market. This decision follows approval from shareholders at the company’s annual and special meeting, where they authorized a split ratio between 1-for-10 and 1-for-100, with the board finalizing the 1-for-39 ratio. Additionally, at the same meeting, shareholders approved an amendment to the company’s 2022 Incentive Compensation Plan. This amendment increases the number of common shares reserved for issuance from 2,500,000 to 4,500,000. Flora Growth’s board had previously authorized this amendment in April, pending shareholder approval. The company’s shares will continue trading under the existing ticker "FLGC" on the Nasdaq.
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