The Valens Company Inc. VLNS VLNS a leading manufacturer of branded cannabis products, launched a Quebec-exclusive brand, Bon Jak. Valens continues to build its presence in Quebec with the addition of several exciting new SKUs under the Bon Jak brand, which is focused on delivering unique user experiences in the province of Quebec:
Bon Jak BC God Bud (28g)
Bon Jak Indica Ground (15g)
Bon Jak Sativa Ground (15g)
Bon Jak Lime Seltzer (355ml)
Bon Jak Grapefruit Seltzer (355ml)
Bon Jak Mango Seltzer (355ml)
The products are expected to be listed to the Société québécoise du cannabis ("SQDC") effective September 12, 2022, and expected to be distributed through the SQDC retail and online channels.
Tyler Robson, chief executive officer of The Valens Company, stated, "The agreement with the SQDC reflects our commitment to the Quebec market and more importantly Quebec consumers. We have been listening to feedback and understand the importance of delivering unique, regionally focused products under a relatable and socially conscious brand at competitive price points. Importantly, we believe our innovation and manufacturing capabilities uniquely position us for success in Quebec and we will continue to invest in this strategic market."
Minimum Bid Price Deficiency
The company received a written notice from the listing qualifications department of The Nasdaq Stock Market LLC indicating that the company is not in compliance with the minimum bid price requirement of $1.00 per share under the Nasdaq 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 $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.
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