IM Cannabis prices $1.31M direct offering amid financial hardship

IM Cannabis Corp. (Nasdaq: IMCC) announced it has entered into securities purchase agreements with accredited investors for the sale of 655,000 common shares at $2.00 per share, generating gross proceeds of approximately $1.31 million before offering expenses, according to a press release.

The registered direct offering was expected to close on or about September 24, 2026, subject to customary closing conditions. The company said it intends to use the net proceeds for working capital and general corporate purposes, which may include evaluating potential additional business opportunities.

The offering is being made under a shelf registration statement on Form F-3 declared effective by the Securities and Exchange Commission on July 9, 2025.

The company disclosed that one or more purchasers may qualify as a "related party" under Canadian securities rules. IM Cannabis said its board of directors, including at least two-thirds of its independent directors, determined that the company is in serious financial difficulty, that the offering is designed to improve its financial position, and that the offering terms are reasonable under the circumstances. The company intends to rely on financial hardship exemptions under Multilateral Instrument 61-101 to bypass formal valuation and minority shareholder approval requirements.

IM Cannabis operates a medical cannabis platform in Israel and Germany. The company previously announced on August 17, 2026, a pending transaction under which its German operations, conducted through Adjupharm GmbH, would be sold, with the company retaining its Israeli operations.

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