Akanda Corp receives non-compliance notice from Nasdaq

By:
on May 17, 2024
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  • Akanda Corp fails to satisfy the Nasdaq listing requirements.
  • The cannabis firm says it's committed to regaining compliance.
  • Akanda stock saw a massive decline in short interest last month.

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Akanda Corp (NASDAQ: AKAN) is in focus this morning after receiving a notice of non-compliance from Nasdaq

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Akanda fails to satisfy the Nasdaq listing requirements

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The deficiency notification was issued to the international medical cannabis company because it failed to meet the “minimum stockholders’ equity requirement as set forth in Nasdaq Listing Rule 5550(b)(1). 

$AKAN failed to satisfy the alternative compliance standards “based on market value of listed securities or net income from continuing operations” as well, a press release confirmed on Friday. 

Note that Akanda stock saw a massive decline in short interest in the second half of April. Shares sold short declined a whopping 66.1% between April 15th and April 30th. 

Akanda Corp is not really a broadly covered stock at Wall Street. 

Akanda Corp is committed to regaining compliance

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Akanda must now submit a plan to regain compliance by June 28th. If it is accepted, the cannabis firm may win an extension from Nasdaq of up to 180 days to execute on its proposal. 

The U.K. based company is evaluating its options and is confident that it will submit a plan that outlines what it intends to do to regain compliance within the allotted time frame, as per Katie Field – the chief executive of $AKAN.

We’re taking immediate steps to address this matter and are focused on actions that will lead to regaining compliance. We appreciate the continued support of our investors during this period.

Earlier this week, Akanda Corp settled with its former chief executive Tejinder Virk. 

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