#Canada #Toronto #shareholder meeting #IM Cannabis #Focus Transaction

IM Cannabis to Hold Its Annual General and Special Meeting

On May 7, 2025, IM Cannabis Corp. (Nasdaq: IMCC) (CSE: IMCC), a prominent player in the medical cannabis industry with operations in both Israel and Germany, revealed that it has officially filed a management information circular in preparation for its anticipated annual general and special shareholder meeting scheduled for May 23, 2025. This meeting aims to address crucial matters concerning the company’s strategic direction and financial undertakings.

Meeting Details

The board of directors set March 31, 2025, as the record date, marking the cutoff for identifying which shareholders (referred to as “Shareholders”) will be permitted to vote during the meeting. The gathering is set to take place at the offices of the company’s legal counsel, Garfinkle Biderman LLP, located at 1 Adelaide Street East, Suite 801, Toronto, Ontario, M5C 2V9 on May 23, 2025, commencing at 10:00 AM (Toronto time).

Shareholders looking to vote must ensure that their proxies are completely filled out, signed, and returned by 10:00 AM on May 21, 2025. Voting can be executed through various means: mailing the completed proxies to Computershare Trust Company of Canada, using a toll-free phone service, or electronically via www.investorvote.com. This ensures Shareholders have enough flexibility and resources to voice their opinions ahead of the meeting.

Emphasizing Transparency

In line with its commitment to transparency, the company has adopted a notice-and-access mechanism as outlined by National Instrument 54-101, designed to streamline communication with non-registered Shareholders. As such, rather than receiving physical copies of the meeting materials in traditional mail, these Shareholders will gain easy access to the documents online via IM Cannabis Investor Relations and relevant profiles on SEDAR+ and EDGAR. Essential materials, such as audited financial statements and the circular, will be made available for a year on the company’s official website.

Registered Shareholders will continue to receive hard copies of the meeting materials, ensuring that all stakeholders are informed and engaged with the imminent decisions.

Focus Transaction Insights

In addition to the details surrounding the shareholder meeting, IM Cannabis provided important insights regarding its proposed Focus Transaction. The board commissioned Beta Finance T.Y.S Ltd., a respected independent financial consulting agency in Israel, to determine the Focus Purchase Price based on a comprehensive discounted cash flow analysis. This analysis valued Focus at approximately NIS 3.1 million as of December 31, 2024, calculated by anticipated future cash flows. Consequently, a 26% stake in Focus would be valued at about NIS 818,740.

To conserve cash while progressing with this transaction, IM Cannabis, along with its partners IMC Holdings and Ewave, plans to accommodate the Focus Purchase Price through the issuance of common shares. The share pricing will be determined based on a ten-day volume-weighted average or the applicable market price in accordance with CSE policies, ensuring fair valuation for shareholders.

The board has unanimously stated that this transaction aligns with the best interests of the company, advising disinterested Shareholders to approve the Focus Transaction Resolution at the upcoming meeting.

Conclusion

The details surrounding the annual general and special meeting reflect IM Cannabis's dedicated approach to maintain transparency and engage its Shareholders in critical decision-making processes. The developments regarding the Focus Transaction showcase the company’s strategic initiatives to expand and solidify its footprint in the burgeoning global cannabis market. Shareholders are encouraged to actively participate in the meeting, considering the pivotal matters at hand. As the medical cannabis landscape continues to evolve, IM Cannabis is poised to navigate changes with integrity and a clear vision for growth, solidifying its position as a key player in the industry.

For further inquiries, Shareholders may reach out via appropriate channels, ensuring comprehensive awareness and discourse leading up to the meeting.