Clearmind Medicine Announces Receipt of Nasdaq Minimum Bid Price Notification
May 19 2023 - 4:15PM
Clearmind Medicine Inc. (NASDAQ: CMND) (CSE: CMND), (FSE: CWY)
(“Clearmind” or “the Company"), a biotech company focused on
discovery and development of novel psychedelic-derived therapeutics
to solve major under-treated health problems, today announced that
it has received a written notice (the "Notice") from the Nasdaq
Stock Market LLC ("Nasdaq") indicating that the Company is not in
compliance with the minimum bid price requirement for continued
listing set forth in Nasdaq Listing Rule 5550(a)(2), which requires
listed securities to maintain a minimum bid price of $1.00 per
share. Under Nasdaq Listing Rule 5810(c)(3)(A), the Company has
been granted a grace period of 180 calendar days to regain
compliance with the minimum bid price requirement. The Notice does
not immediately affect the Company's Nasdaq listing or the trading
of its ordinary shares. During the grace period, as may be
extended, the Company's ordinary shares will continue to trade on
Nasdaq under the symbol "CMND".
According to the Notice, the Company has until November 13,
2023, to regain compliance with the minimum bid price requirement.
The Company can regain compliance if, at any time during this
180-day period, the closing bid price of its ordinary shares is at
least $1.00 for a minimum of ten consecutive business days, in
which case the Company will be provided with written confirmation
of compliance and this matter will be closed. In the event that the
Company does not regain compliance after the initial 180-day
period, the Company may then be eligible for an additional 180-day
compliance period if it meets the continued listing requirement for
market value of publicly held shares and all other initial listing
standards for the Nasdaq Capital Market, with the exception of the
minimum bid price requirement. In this case, the Company will need
to provide written notice of its intention to cure the deficiency
during the second compliance period.
If the Company cannot demonstrate compliance by the allotted
compliance period(s), Nasdaq's staff will notify the Company that
its ordinary shares are subject to delisting.
About Clearmind Medicine Inc.
Clearmind is a psychedelic pharmaceutical biotech company
focused on the discovery and development of novel
psychedelic-derived therapeutics to solve widespread and
underserved health problems, including alcohol use disorder. Its
primary objective is to research and develop psychedelic-based
compounds and attempt to commercialize them as regulated medicines,
foods or supplements.
The company’s intellectual portfolio currently consists of
fourteen patent families. The company intends to seek additional
patents for its compounds whenever warranted and will remain
opportunistic regarding the acquisition of additional intellectual
property to build its portfolio.
Shares of Clearmind are listed for trading on Nasdaq and the
Canadian Securities Exchange under the symbol "CMND" and the
Frankfurt Stock Exchange under the symbol “CWY.”
For further information
visit: https://www.clearmindmedicine.com or contact:
Investor Relations
US: CMND@crescendo-ir.com
invest@clearmindmedicine.com
Telephone: (604) 260-1566
General Inquiries
Info@Clearmindmedicine.com
www.Clearmindmedicine.com
FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. Forward-looking statements are not
historical facts, and are based upon management’s current
expectations, beliefs and projections, many of which, by their
nature, are inherently uncertain. Such expectations, beliefs and
projections are expressed in good faith. However, there can be no
assurance that management’s expectations, beliefs and projections
will be achieved, and actual results may differ materially from
what is expressed in or indicated by the forward-looking
statements. Forward-looking statements are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in the forward-looking
statements. For a more detailed description of the risks and
uncertainties affecting the Company, reference is made to the
Company’s reports filed from time to time with the Securities and
Exchange Commission (“SEC”), including, but not limited to, the
risks detailed in the Company’s final prospectus (registration No.
333-265900) filed with the SEC on November 16, 2022.
Forward-looking statements speak only as of the date the statements
are made. The Company assumes no obligation to update
forward-looking statements to reflect actual results, subsequent
events or circumstances, changes in assumptions or changes in other
factors affecting forward-looking information except to the extent
required by applicable securities laws. If the Company does update
one or more forward-looking statements, no inference should be
drawn that the Company will make additional updates with respect
thereto or with respect to other forward-looking statements.
References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Clearmind is not
responsible for the contents of third-party websites.
Clearmind Medicine (NASDAQ:CMND)
Historical Stock Chart
From Apr 2024 to May 2024
Clearmind Medicine (NASDAQ:CMND)
Historical Stock Chart
From May 2023 to May 2024