InterCure Secures NIS 230 Million Settlement; Reverse Stock Split Effective Today; Stock Up
(RTTNews) - InterCure Ltd. (INCR) announced that it has finalized a settlement with the Israeli Tax Authorities and Compensation Fund for indirect damages sustained during the October 7, 2023 attacks and the subsequent war.
The agreement provides compensation totaling NIS 230 million (approximately US$77 million).
The settlement follows an earlier claim of more than NIS 300 million, of which InterCure has already received NIS 101 million in advance payments.
The funds will accelerate rehabilitation of Canndoc's flagship cultivation and production facility at Kibbutz Nir Oz, which was severely damaged and rendered inoperable during the attacks. The facility is a cornerstone of InterCure's genetics, cultivation and production infrastructure, and its restoration is expected to strengthen output and support expansion into the German medical cannabis market.
Since the attacks, InterCure has raised over NIS 58 million (US$20 million) from major shareholders and a leading pharma fund to support recovery efforts. CEO Alexander Rabinovitch emphasized the company's resilience, citing stong demand, a durable business model and the commitment of employees in rebuilding operations under unprecedented circumstances.
Reverse Split Details
InterCures's 1-for-5 reverse share split also takes effect today, approved by shareholders at the Extraordinary General Meeting held on August 11, 2026.
The move is designed to help the company regain compliance with Nasdaq's $1.00 minimum price bid requirement.
The adjustment reduces authorized share capital under the company's Articles from 100 million Ordinary Shares to 20 million Ordinary Shares, and decreases issued and outstanding shares from 59.2 million to approximately 11.8 million Ordinary Shares.
INCR is currently trading at $5.26, up 23.55%.
