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, announced today that on June 13, 2022, it received a written notice (the
"Notice") from the Listing Qualifications Department of The Nasdaq
Stock Market LLC ("Nasdaq") indicating that the Company is not in
compliance with the minimum bid price requirement ("Minimum Bid
Requirement") of US$1.00 per share
under the Nasdaq Listing Rules (the "Listing Rules"). Based on the
closing bid price of the Company's common shares 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
that period. The Notice is only a notification of deficiency, it is
not a notice of imminent delisting, and it has no current immediate
effect on the listing or trading of the Company's common shares on
the Nasdaq Capital Market.
Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180
calendar days from the date of the Notice, or December 12, 2022, to
regain compliance with the Minimum Bid Requirement, during which
time the common shares will continue to trade on the Nasdaq Capital
Market. If at any time before December 12, 2022, the bid price of
the common shares closes at or above US$1.00 per share for a
minimum of 10 consecutive business days, the Company will regain
compliance with the Minimum Bid Requirement. 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 regain compliance or may be subject to
delisting of the common shares from 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 The Valens Company
The Valens Company is a leading manufacturer of cannabis
products with a mission to bring the benefits of cannabis to the
world. The Company provides proprietary cannabis processing
services, in addition to best-in-class product development,
manufacturing, and commercialization of cannabis consumer packaged
goods. The 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 a focus on quality and innovation. The Company also
manufactures, distributes, and sells a wide range of CBD products
in the United States through its
subsidiary Green Roads, and distributes medicinal cannabis products
to Australia through its
subsidiary Valens Australia. In partnership with brand houses,
consumer packaged goods companies and licensed cannabis producers
around the globe, the Company continues to grow its diverse product
portfolio in alignment with evolving cannabis consumer preferences
in key markets. Through Valens Labs,
the Company is setting the standard in cannabis testing and
research and development with Canada's only ISO17025 accredited analytical
services lab, named The Centre of Excellence in Plant-Based Science
by partner and scientific world leader Thermo Fisher Scientific.
Discover more on The Valens Company at
http://www.thevalenscompany.com.
Notice regarding Forward Looking Statements
All information included in this press release, including any
information as to the future financial or operating performance and
other statements of The Valens Company that express management's
expectations or estimates of future performance, other than
statements of historical fact, constitute forward-looking
information or 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 relating to the future.
Wherever possible, words such as "plans", "expects", "scheduled",
"trends", "forecasts", "future", "indications", "potential",
"estimates", "predicts", "anticipate", "to establish", "believe",
"intend", "ability to", or statements that certain actions, events
or results "may", "should", "could", "would", "might", "will", or
are "likely" to be taken, occur or be achieved, or the negative of
these words or other variations thereof, have been used to identify
such forward-looking information. Specific forward-looking
statements include, without limitation, statements regarding the
ability to regain compliance with the Nasdaq Listing Rules, and
anticipated courses of action.
The risks and uncertainties that may affect forward-looking
statements include, among others, the inability to meet the Minimum
Bid Requirement or comply with Nasdaq's other listing standards
within the prescribed time period, which could result in the
delisting of the common shares, Canadian regulatory risk,
Australian regulatory risk, U.S. regulatory risk, U.S. border
crossing and travel bans, the uncertainties, effects of and
responses to the COVID-19 pandemic, reliance on licenses, expansion
of facilities, competition, dependence on supply of cannabis and
reliance on other key inputs, dependence on senior management and
key personnel, general business risk and liability, regulation of
the cannabis industry, change in laws, regulations and guidelines,
compliance with laws, limited operating history, vulnerability to
rising energy costs, unfavorable publicity or consumer perception,
product liability, risks related to intellectual property, product
recalls, difficulties with forecasts, management of growth and
litigation, many of which are beyond the control of The Valens
Company. For a more comprehensive discussion of the risks faced by
The Valens Company, and which may cause the actual financial
results, performance or achievements of The Valens Company to be
materially different from estimated future results, performance or
achievements expressed or implied by forward-looking information or
forward-looking statements, please refer to The Valens Company's
latest Annual Information Form filed with Canadian securities
regulatory authorities at www.sedar.com or on The Valens Company's
website at www.thevalenscompany.com. The risks described in such
Annual Information Form are hereby incorporated by reference
herein. Although the forward-looking statements contained herein
reflect management's current beliefs and reasonable assumptions
based upon information available to management as of the date
hereof, The Valens Company cannot be certain that actual results
will be consistent with such forward-looking information. The
Valens Company cautions you not to place undue reliance upon any
such forward-looking statements. The Valens Company 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 either an offer to sell or a solicitation to
buy or sell securities of The Valens Company.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/the-valens-company-announces-receipt-of-nasdaq-notification-regarding-minimum-bid-price-deficiency-301569050.html
SOURCE The Valens Company Inc.