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VANCOUVER, British Columbia and ORLANDO, Fla., Oct. 18, 2024 (GLOBE NEWSWIRE) — Village Farms International, Inc. (“Home Farms” or the “Company”) (NASDAQ: VFF) has received notice from Nasdaq Stock Market LLC (“Nasdaq”) that it is not in compliance with the minimum bid price requirement (NASDAQ Listing Rule) as the bid price of the Company’s common shares closed below $1.00 (the “Minimum Bid Requirement”) from September 6, 2024 to October 17, 2024 (the “Notice”).
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The notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market. Under NASDAQ Listing Rule 5810(c)(3)(A), the Company has until April 16, 2025, a period of 180 calendar days from the date of the Notice (the “Compliance Period”) to come back into compliance with the Minimum Bid Requirement . . During the Compliance Period, Village Farms common stock will continue to trade on the Nasdaq Capital Market. If at any time prior to April 16, 2025, the bid price of Village Farms common stock closes at or above US $1.00 per share for at least 10 consecutive business days, Nasdaq is expected to notify the Company that it has regained compliance. And Minimum Bid Requirement.
In the event that the Company is no longer in compliance with the Minimum Bid Requirement by April 16, 2025, the Company may be eligible for an additional 180 calendar days to regain compliance or may be subject to delisting of its common shares from Nasdaq Capital. Market, at which time the Company may appeal the delisting decision to the Nasdaq Hearings Panel.
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About Village Farms International
Village Farms leverages decades of experience as a large, organically managed Agriculture provider, directly integrated into plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and. wholesalers across the US and Canada, as well as new high-growth opportunities in the cannabis and CBD sectors in North America, the Netherlands and select markets around the world.
In Canada, the wholly owned Canadian subsidiary of Pure Sunfarms, one of the largest cannabis operations in the world, is a low-cost greenhouse producer and one of the best-selling products in Canada. The company also owns 80% of Quebec-based, Rose LifeScience, a leading specialist in the sale of cannabis products in the Province of Quebec.
In the US, wholly owned Balanced Health Botanicals is one of the leading CBD brands and e-commerce platforms in the country. In compliance with all applicable US and state laws and stock exchange laws, Village Farms plans to enter the US high THC marijuana market through multiple strategies, using one of the largest greenhouses in the country (over 5.5 million square feet in West Texas ), and the operational and product expertise gained from the success of Pure Sunfarms cannabis in Canada.
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Internationally, Village Farms is looking for select, emerging, legal cannabis and CBD opportunities with high mid- to long-term potential, with an initial focus on the Asia-Pacific region and Europe.
Cautionary Statement Regarding Forward-Looking Information
As used in this News Release, the terms “Village Farms”, “Village Farms International”, “Company”, “we”, “us”, “our” and other similar references refer to Village Farms International, Inc. and our integrated indicators. subsidiaries, and the term “Common Shares” refers to our common shares, of which there is no limited amount. Our financial information is presented in US dollars and all references in this Press Release to “$” refer to US dollars and all references to “C$” refer to Canadian dollars.
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the US Securities Act of 1933, as amended, (“the Securities Act”) and Section 21E of the Securities Exchange. Act of 1934, as amended (“the Exchange Act”), is also subject to the safe harbor created by those sections. This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. We refer to such forward-looking statements and forward-looking information collectively as “forward-looking statements”. Forward-looking statements include statements regarding the listing of the Company’s common shares on Nasdaq, and may relate to the Company’s future outlook or financial condition and expected events or results and may include statements regarding the financial condition, business strategy, budget, expansion plans. , lawsuits, projected production, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the Company. In particular, statements regarding the future results, performance, success, prospects or prospects of the Company, the greenhouse or production vegetable industry, the cannabis industry and the market and our energy segment are forward-looking statements. In some cases, forward-looking information can be identified by words such as “may”, “opinion”, “could”, “could”, “could”, “should”, “likely”, “likely”, “expect”, “plan”, ” expect”, “believe”, “intend”, “try”, “estimate”, “predict”, “likely”, “continue”, “probably”, “schedule”, “goals”, or any negative or linguistic variation thereof or other similar statements about issues that are not historical facts. Forward-looking statements in this press release are subject to risks that may include, but are not limited to: our limited history of operating in the cannabis and cannabinoids industry, including that of Pure Sunfarms, Inc. (“Pure Sunfarms”), Rose. LifeScience Inc. (“Rose” or “Rose LifeScience”) and Balanced Health Botanicals, LLC (“Balanced Health”); the limited performance history of the Delta RNG Project in our energy segment; the legal status of Pure Sunfarms and Rose’s cannabis business and Balanced Health’s hemp business and uncertainties regarding the legality and regulatory status of cannabis in the United States; risks related to the integration of Balanced Health and Rose into our combined business; risks related to obtaining additional funds on acceptable terms, including our reliance on credit facilities and leveraged transactions; potential difficulties in obtaining and/or maintaining profits; product price variation; the dangers inherent in marijuana, hemp, CBD, cannabinoids, and agricultural businesses; our market position and competitive environment; our ability to grow current business relationships for future business involving hemp and cannabinoids; the ability of Pure Sunfarms and Rose to grow and distribute cannabis in Canada; existing and new government regulations, including risks related to compliance and related to obtaining and maintaining licenses required under the Cannabis Act (Canada), the Criminal Code and other Acts, SC 2018, C. 16 (Canada) for its Canadian operations, and changes in our regulatory requirements; legal and operational risks related to the anticipated conversion of our greenhouses to cannabis production in Canada and the United States; risks related to laws and regulations at the US Federal (Food and Drug Administration and the United States Department of Agriculture), state and municipal levels regarding the production and hemp, sales of cannabidiol-based products; market consolidation, technological advances and other forms of competition; transportation disruptions; product liability and other potential litigation; retention of senior management; personnel matters; uninsured and underinsured losses; vulnerability to rising energy costs; inflation in agricultural and transportation costs; the effects of inflation on the demand for our products; environmental, health and safety risks, exposure to foreign trade, risks associated with cross-border trade; difficulties in managing our growth; restrictive covenants under our credit facilities; natural disasters; high interest rates; and tax risks.
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The Company bases these forward-looking statements on factors and assumptions about future events and financial conditions that it believes may affect its financial condition, results of operations, business strategy and financing needs. Although the forward-looking statements contained in this Press Release are based on assumptions that management believes to be reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control, which could cause the Company’s or industry’s actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, factors contained in the Company’s filings with securities regulators, including the Company’s most recently filed quarterly report on Form 10-Q and the Company’s most recently filed annual report on Form 10-K.
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When relying on forward-looking statements in making decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future results, performance, achievements, prospects. and opportunities. Forward-looking statements made in this Press Release relate only to events or information as of the date the statements are made in this Press Release. Except as required by law, the Company undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Contact information
Sam Gibbons
Senior Vice President, Corporate Affairs
Phone: (407) 936-1190 ext. 328
Email: sgibbons@villagefarms.com
Lawrence Chamberlain
LodeRock Advisors
Phone: (416) 519-4196
Email: lawrence.chamberlain@loderockadvisors.com
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