UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On January 24, 2023, Canna-Global Acquisition Corp (the “Company”) received a determination letter (the “Letter”) from the staff (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) stating that the Company has not regained compliance with the Market Value of Listed Securities (“MVLS”) Standard, since the Company’s common stock, par value $0.000001 per share (the “Common Stock”), was below the $50 million minimum MVLS requirement for continued listing on The Nasdaq Global Market under Nasdaq Listing Rule 5450(b)(2)(A) (the “MLVS Rule”) and had not been at least $50 million for the proceeding 30 consecutive trading. As previously disclosed on Form 8-K filed on January 30, 2023, the Staff initially notified the Company on January 24, 2023 that the minimum MVLS for the Company’s Common Stock was below the $50 million minimum MVLS requirement for the previous 30 consecutive trading days, and in accordance with the Nasdaq Listing Rules, the Company was provided 180 calendar days, or until July 24, 2023 to regain compliance with the MVLS Rule.
In response, on July 31, 2023, the Company filed a Listing Application titled “Transferring from the Global or Global Select Market to Capital Market” with Nasdaq to transfer the Company from The Nasdaq Global Market to The Nasdaq Capital Market. Listing requirements for companies on The Nasdaq Capital Market are less stringent than for The Nasdaq Global Market tier, which focus on larger companies with higher market capitalization.
Pursuant to the Letter, unless the Company requests a hearing to appeal this determination by 4:00 p.m. Eastern Time on August 2, 2023, the Company’s Common Stock will be delisted from The Nasdaq Capital Market, trading of the Company’s Common Stock will be suspended. The hearing request will stay Nasdaq’s filing of Form 25-NSE with the Securities and Exchange Commission to remove the Company’s securities from listing and registration on Nasdaq. The Company intends to request a hearing to stay the suspension of trading of the Company’s Common Stock, and the Company’s Common Stock will continue to trade on Nasdaq until the hearing process concludes and the Panel issues a written decision. There can be no assurance that the Panel will grant the Company’s request for a suspension of delisting or to grant its transfer to The Nasdaq Capital Market.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (included as Exhibit 101). Canna-Global agrees to furnish supplementally a copy of all omitted exhibits and schedules to the SEC upon request. |
SIGNATURES
Pursuant to the requirements of the Exchange Act, Canna-Global has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CANNA-GLOBAL ACQUISITION CORP | ||
| Date: August 1, 2023 | By: | /s/ J. Gerald Combs |
| J. Gerald Combs | ||
| Chief Executive Officer | ||