VANCOUVER, BC — Village Farms International Inc. on April 21 received notification from The Nasdaq Stock Market LLC that Nasdaq approved the company’s request for a 180-calendar day extension to regain compliance with the minimum closing bid price of US$1.00 per share listing requirement (NASDAQ Listing Rule 5550(a)(2)). The Extension follows the expiration on April 16 of the initial 180-calendar day period to regain minimum closing bid price compliance. As a result of the extension, the company now has until October 13 to regain compliance with the minimum bid requirement.
The notification has no immediate effect on the listing of the company’s common shares on the Nasdaq Capital Market. During the new compliance period, Village Farms common shares will continue to trade. If at any time before October 13 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 13, the company may be subject to delisting of the common shares from the Nasdaq Capital Market, at which time the company may request a review of the delisting determination by a Nasdaq hearings panel.
About Village Farms International
Village Farms leverages decades of experience as a large-scale, controlled environment agriculture-based, vertically integrated supplier for high-value, high-growth plant-based consumer packaged goods. In Canada, the company’s wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, one of the lowest-cost greenhouse producers, and one of Canada’s best-selling brands. The company also owns 80% of Québec-based Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec.
In the US, wholly-owned Balanced Health Botanicals is one of the leading CBD and hemp-derived brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US high-THC cannabis market via multiple strategies, leveraging one of the largest greenhouse operations in the country (more than 5.5 million square feet in West Texas), as well as the operational and product expertise gained through Pure Sunfarms’ cannabis success in Canada.
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