KELOWNA, BC, June 15, 2022 /PRNewswire/ – The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) (the “Company” “The Valens Company” or “Valens”), a leading manufacturer of branded cannabis products, today announced that June 13, 2022it has received written notice (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) that the Company is in breach of the minimum bid price requirement (“Requirement minimum bid”) of $1.00 per share under the Nasdaq Listing Rules (the “Listing Rules”). Based on the closing bid price of the company’s common stock for the last 30 consecutive business days, the company has failed to meet the minimum bid requirement set forth in listing rule 5550(a) ( 2) during this period. The notice is only a notice of deficiency, it is not a notice of impending delisting, and it has no immediate effect on the listing or trading of the company’s common stock in the capital market. Nasdaq.
Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days from the date of the notice, which is December 12, 2022, to return to compliance. the minimum bid requirement, period during which the common shares will continue to trade on the Nasdaq Capital Market. If at any time prior to December 12, 2022, the Bid Price of the Common Shares closes at or above US$1.00 per share for at least 10 consecutive business days, the Company will resume compliance with the requirement to minimum offer. If the Company does not regain compliance with the minimum bid requirement by December 12, 2022, the Company may be eligible for an additional period of 180 calendar days to restore compliance or may be subject to delisting of shares shares of the Nasdaq Capital Market. The Company’s common shares are also listed on the Toronto Stock Exchange and the notice does not affect the Company’s compliance status with such listing.
At Valens, it’s Personal.
About Valens Company
The Valens Company is a leading cannabis product manufacturer on a mission to bring the benefits of cannabis to the world. The company provides proprietary cannabis processing services, in addition to developing, manufacturing and marketing premium cannabis consumer products. Valens Company’s high-quality products are formulated for the medical, health and wellness, and recreational consumer segments, and are offered across all cannabis product categories with an emphasis on quality and consistency. innovation. The Company also manufactures, distributes and sells a wide range of CBD products in United States through its subsidiary Green Roads, and distributes medical cannabis products to Australia through its subsidiary Valens Australia. In partnership with brand houses, consumer packaged goods companies and licensed cannabis producers around the world, the company continues to grow its diverse product portfolio in line with evolving cannabis consumer preferences on key markets. Through Valens Laboratoriesthe company sets the standard in cannabis testing and research and development with from Canada only ISO17025 accredited analytical services laboratory, named Center of Excellence in Plant Science by partner and global scientific leader Thermo Fisher Scientific. Find out more about The Valens Company at http://www.thevalenscompany.com.
Notice Regarding Forward-Looking Statements
All information in this press release, including any information relating to future financial or operating performance and other statements of The Valens Company that express management’s expectations or estimates regarding future performance, other than statements of historical fact , constitutes forward-looking or forward-looking information. – forward-looking statements within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans regarding the future. Whenever possible, words such as “anticipates”, “anticipates”, “expected”, “trends”, “forecasts”, “future”, “indications”, “potential”, “estimates”, “predicts”, “anticipates”, “establishes”, “believes”, “intends”, “ability to”, or statements that certain actions, events or results “can”, “should”, “could”, “would”, “could”, “will”, or are “likely” to be taken, to occur or to be carried out, or the negative form of these words or other variations thereof, have been used to identify these forward-looking information. Specific forward-looking statements include, but are not limited to, statements regarding the ability to regain compliance with Nasdaq listing rules and anticipated action plans.
Risks and uncertainties that could affect forward-looking statements include, among other things, the failure to meet the minimum bid requirement or to comply with other Nasdaq listing standards within the prescribed timeframes, which could result in delisting of common stock, Canadian regulatory risk, Australian regulatory risk, US regulatory risk, US border and travel bans, uncertainties, effects and responses to the COVID-19 pandemic, the dependence on licensing, expansion of facilities, competition, dependence on cannabis supply and dependence on other key inputs, dependence on senior management and key personnel, risk general business and liability, regulation of the cannabis industry, changing laws, regulations and guidelines, compliance with laws, experience background limited legislation, vulnerability to rising energy costs, adverse publicity or consumer perception, product liability, intellectual property risks, product recalls, forecasting difficulties, management of growth and litigation , many of which are beyond the control of The Valens Company. For a fuller discussion of the risks faced by The Valens Company, which may cause The Valens Company’s actual financial results, performance or achievements to be materially different from any estimated future results, performance or achievements expressed or implied by the forward-looking information or forward-looking statements, please see The Valens Company’s most recent annual information form filed with the Canadian securities regulators at www.sedar.com or on The Valens Company website at www.thevalenscompany.com. The risks described in this Annual Information Form are incorporated herein by reference. Although the forward-looking statements contained herein reflect management’s current beliefs and reasonable assumptions based on information available to management as of the date hereof, The Valens Company cannot be certain that actual results will be consistent with such information. prospective. Valens cautions you not to place undue reliance on these forward-looking statements. Valens disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as an offer to sell or a solicitation to buy or sell securities of The Valens Company.
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SOURCE La Compagnie Valens inc.