VANCOUVER, British Columbia, Oct. 18, 2023 — Village Farms International, Inc. BB #:263321 today announced it received notification from The Nasdaq Stock Market LLC that Nasdaq has 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 October 17, 2023 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 April 15, 2024 (the “New Compliance Period”) 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 on the Nasdaq Capital Market. If at any time before April 15, 2024, 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 April 15, 2024, 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 the delisting determination by a Nasdaq Hearings Panel.
About Village Farms International, Inc.
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 opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America and selected markets internationally.
In Canada, the Company’s wholly owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada’s best-selling brands. The Company also owns 70% 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 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.
Internationally, Village Farms is targeting selected, nascent, legal cannabis and CBD opportunities with significant medium- and long-term potential, with an initial focus on the Asia-Pacific region, Israel and Europe.