Israeli-based InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR), also known as Canndoc, plans delist its common shares from the Toronto Stock Exchange on August 14.
The company said in a statement that it decided to delist from the TSX after concluding that maintaining the listing does not offer substantial benefits to the company and its shareholders. The shares also are currently listed on the Nasdaq and the Tel Aviv Stock Exchange.
“After a careful review of the trading volume data relating to the Shares, the Board has concluded that the trading volume on the TSX in insufficient to justify the continued listing,” the company stated.
Despite leaving the Canadian exchange, the company will continue as a “reporting issuer” under applicable Canadian securities laws and continue to provide regular comprehensive disclosure pursuant to National Instrument 71-102 – Continues Disclosure and Other Exemptions Relating to Foreign Issuers as an SEC Foreign Issuer.
InterCure noted that most brokers in Canada, including discount and online brokers, have the ability to buy and sell securities listed on the Nasdaq. In connection with the delisting, the company said it will seek the approval of its shareholders, at a special meeting of shareholders called on August 14, to rely on the dual listing of the Shares on the Nasdaq Global Market and on Tel Aviv Stock Exchange for the purposes of compliance with Israeli securities laws, in accordance with Section 35FF of the Israeli Securities Law, 5728-1968.
In February, Green Market Report reported that InterCure filed a lawsuit against Cann Pharmaceuticals Ltd., also known as Better, to recover some of the money that was loaned to and invested in the company when the two contemplated a merger. During the merger process, InterCure said it extended loans to Better and provided funding and cultivation services to it, in light of the parties’ cooperation. However, the merger didn’t go as planned, and the agreement was terminated.
InterCure said it tried to recover the money, but Better refused to pay the money back. InterCure reported in June that Better countersued to force the merger, but InterCure said it rejects all of the company’s arguments.