Business
Cannabis company Hexo regains Nasdaq compliance after share consolidation
Hexo Corp. has regained compliance with the Nasdaq’s minimum bid price, allowing the Canadian cannabis company to continue listing its shares on the U.S. stock exchange.
Quebec-headquartered Hexo said it received notice of the renewed compliance on Thursday after its shares closed above $1 for 10 consecutive business days.
“We’re pleased the market is starting to recognize the strides we’ve made this year to position Hexo for long-term success,” the company’s president and CEO, Charlie Bowman, said in a statement.
“We’ve kept a tight focus on resetting the organization for profitable growth and remain dedicated to delivering a premium cannabis experience.”
Nasdaq warned Hexo about its low share price in January 2022, allowing the company time to regain compliance with the exchange’s $1 minimum bid price rule.
Hexo announced it was consolidating its shares on a 14-to-1 basis in December 2022.
The company’s Nasdaq-listed shares (HEXO) closed at $1.49 on Thursday.
Hexo also consolidated its shares on the Toronto Stock Exchange.
Source: https://mjbizdaily.com/cannabis-company-hexo-regains-nasdaq-compliance-after-share-consolidation/