IM Cannabis Secures $225,000 Convertible Note Financing
IM Cannabis Corp. has completed $225,000 in convertible note financing, aiming to support general corporate activities. The financing follows a series of funding efforts, with total proceeds reaching $550,000 recently, amidst a significant decline in stock value.
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IM Cannabis Corp. (NASDAQ:IMCC) completed a $225,000 convertible note financing with an institutional investor on March 30, 2026. This financing, part of a larger $550,000 effort, includes a note with an 8% annual interest rate, increasing to 14% upon default.
The note carries a 10% discount and has a conversion floor of $0.0576, while the company's shares currently trade at $0.29. The company also issued warrants for 781,250 common shares at an exercise price of C$0.40, expiring on June 3, 2031.
Additionally, IM Cannabis has been notified of non-compliance with Nasdaq's minimum bid price requirement and has a 180-day period to regain compliance. The company plans to acquire 51% of Blackaxe Technologies, expanding into defense technology.
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