IM Cannabis Corp. (NASDAQ: IMCC) said it raised approximately $1.31 million in a registered direct offering sold to accredited investors under securities purchase agreements.
The company issued 655,000 common shares at $2.00 per share. Proceeds will be used for working capital and general corporate purposes, which may include evaluating potential additional business opportunities, according to the filing.
The offering was made under a shelf registration statement on Form F-3 (File No. 333-288346), declared effective by the Securities and Exchange Commission on July 9, 2025. The transaction is expected to close on or about Thursday, subject to customary closing conditions.
The company noted the offering involves potential related-party purchasers under Multilateral Instrument 61-101. IM Cannabis relied on exemptions from formal valuation and minority shareholder approval requirements, citing financial hardship. The board of directors and at least two-thirds of its independent directors determined the company is in serious financial difficulty, that the offering is designed to improve its financial position, and that the terms are reasonable.
IM Cannabis operates a medical cannabis platform serving patients in Israel and Germany through its German entity, Adjupharm GmbH. On Aug. 17, 2026, the company announced it expects to retain its Israeli medical cannabis operations while its German operations will be sold.
