Village Farms received notification from The Nasdaq Stock Market that it is not in compliance with the minimum bid price requirement as the bid price for the Company’s common shares closed below US$1.00 (the “Minimum Bid Requirement”) from March 7, 2023, to April 19, 2023 (the “Notification”).
The notification has no immediate effect on the listing of the Company’s common shares on the Nasdaq Capital Market. Under NASDAQ Listing Rule 5810(c)(3)(A), the Company has until October 17, 2023 (a period of 180 calendar days from the date of notification, the “Compliance Period”) to regain compliance with the Minimum Bid Requirement. During the Compliance Period, Village Farms common shares will continue to trade on the Nasdaq Capital Market. If at any time before October 17, 2023, the bid price of Village Farms’ common shares closes at or above US$1.00 per share for a minimum of 10 consecutive business days, it is expected that Nasdaq would notify the Company that it has regained compliance with the Minimum Bid Requirement.
In the event the Company does not regain compliance with the Minimum Bid Requirement by October 17, 2023, the Company may be eligible for an additional period of 180 calendar days to regain compliance or may be subject to delisting of the common shares from the Nasdaq Capital Market, at which time the Company may appeal the delisting determination to a Nasdaq Hearings Panel.
For more information:
Helen L. Aquino
Village Farms International Inc.
Tel.: +1 (407) 936-1190