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Canna-Global Acquisition Corp. Class A (CNGL) just unveiled an update.
Canna-Global Acquisition Corp. faces delisting from the Nasdaq after an unauthorized share issuance that violated listing rules, causing potential harm to shareholders. The transaction involved selling deferred underwriting commissions to Liqueous L.P. and settling it by issuing Class A common stock, which was then sold on the market. Nasdaq highlighted the company’s failure to comply with minimum market value requirements and used discretionary authority to accelerate the delisting process. The company has the option to appeal the decision. If delisted, Canna-Global’s securities may trade over-the-counter, although their market presence is not guaranteed.
See more insights into CNGL stock on TipRanks’ Stock Analysis page.