Bright Minds Biosciences Announces Receipt of Nasdaq Notification Letter Regarding Minimum Bid Price Deficiency
January 27 2023 - 4:05PM
Bright Minds Biosciences Inc. (CSE:DRUG) (NASDAQ:DRUG)
(“
Bright Minds” or the “
Company”)
announces that it has received a notification letter (the
“
Notification Letter”) from the Nasdaq Stock
Market LLC (“
NASDAQ”) dated January 26, 2023,
notifying the Company that due to thirty consecutive business days
of closing bid prices for the common shares in the capital of the
Company (the “
Shares”) being below US$1.00 per
Share, Bright Minds is not compliant with the minimum bid price
requirement set forth in NASDAQ Listing Rule 5550(a)(2).
The Company has been provided 180 calendar days,
being until July 25, 2023 (the “Compliance
Period”), to regain compliance, which may be done by
having a closing bid price of at least US$1.00 for a minimum of 10
consecutive business days during the Compliance Period.
The receipt of the Notification Letter has no
immediate effect on the listing of the Company’s Shares, which will
continue to trade uninterrupted on each of the Canadian Securities
Exchange and NASDAQ under the symbol “DRUG.” To address the issue,
the Company will continuously monitor its closing bid prices
between now and July 25, 2023, and evaluate its options to regain
compliance with NASDAQ Listing Rule 5550(a)(2) before such date.
The Company anticipates resolving the deficiency within the
compliance period.
About Bright Minds
Bright Minds is focused on developing novel
transformative treatments for neuropsychiatric disorders, epilepsy,
and pain. Bright Minds has a portfolio of next-generation serotonin
agonists designed to target neurocircuit abnormalities that are
responsible for difficult to treat disorders such as resistant
epilepsy, treatment resistant depression, PTSD, and pain. The
Company leverages its world-class scientific and drug development
expertise to bring forward the next generation of safe and
efficacious drugs. Bright Minds’ drugs have been designed to
potentially retain the powerful therapeutic aspects of psychedelic
and other serotonergic compounds, while minimizing the side
effects, thereby creating superior drugs to first-generation
compounds, such as psilocybin.
Investor Contacts:Lisa WilsonE:
lwilson@insitecony.comT: 917-543-9932
Ian McDonaldCEO and DirectorE:
ian@brightmindsbio.comT: 917-543-9932
This news release includes certain statements
that may be deemed “forward-looking statements”. All statements in
this new release, other than statements of historical facts, that
address events or developments that the Company expects to occur,
are forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words “expects”, “plans”, “anticipates”,
“believes”, “intends”, “estimates”, “projects”, “potential” and
similar expressions, or that events or conditions “will”, “would”,
“may”, “could” or “should” occur. Forward-looking information in
this news release includes statements related to future remedies of
the Company’s non-compliance with NASDAQ Listing Rule 5550(2)(a),
including its continuous monitoring of the closing price of the
Shares or related actions that may be taken to regain compliance.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include market
prices, continued availability of capital and financing, and
general economic, market or business conditions. Investors are
cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ
materially from those projected in the forward-looking statements.
Forward-looking statements are based on the beliefs, estimates and
opinions of the Company’s management on the date the statements are
made. Except as required by applicable securities laws, the Company
undertakes no obligation to update these forward-looking statements
in the event that management's beliefs, estimates or opinions, or
other factors, should change.
Neither the Canadian Securities Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
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