Bright Minds Biosciences Announces Receipt of Nasdaq Deficiency Letter Regarding Independent Director and Audit Committee Requirements
February 08 2023 - 4:05PM
Bright Minds Biosciences Inc. (CSE:DRUG) (NASDAQ:DRUG)
(“
Bright Minds” or the “
Company”)
announces that it has received a letter (the “
Deficiency
Letter”) from the Nasdaq Stock Market LLC
(“
NASDAQ”) dated February 2, 2023, stating that
following the resignation of Dr. Williamson from the Company’s
board of directors and audit committee, the Company no longer
complies with NASDAQ’s independent director and audit committee
requirements as set forth in Listing Rule 5605.
Listing Rule 5605(b)(1) states that the
Company’s board of directors must consist of a majority independent
directors and Listing Rule 5605(c)(2) states that the Company’s
audit committee must consist of at least three members, all of whom
are independent. Following Dr. Williamson’s resignation, the
Company’s board of directors consists of four directors, only two
of whom are independent, and its audit committee consists of three
members, only two of whom are independent.
However, in accordance with Listing Rules
5605(b)(1)(A) and 5605(c)(4), the Company has until July 10, 2023
in order to regain compliance (the “Cure Period”).
The Company is currently in advanced discussions with a potential
new director and anticipates regaining compliance within the Cure
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 5605,
including its ability to attract and appoint an additional
independent director and 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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