InMed Pharmaceuticals Announces Voluntary Delisting from TSX
April 27 2021 - 7:30AM
InMed Pharmaceuticals Inc. (“InMed” or the
“Company”) (Nasdaq:INM) (TSX:IN), a clinical-stage company
developing cannabinoid-based pharmaceutical drug candidates and
leading the clinical development of cannabinol (“CBN”), today
announced that, based on the strong trading data on the Nasdaq, it
has provided written notice to the Toronto Stock Exchange (the
"TSX") regarding the voluntary delisting of its common shares.
InMed’s common shares will continue to be listed and tradable on
the Nasdaq under “INM”.
The Company believes that the trading volume of
its shares on the TSX no longer justifies the expense and
administrative efforts associated with maintaining this dual
listing. InMed’s listing on Nasdaq provides its shareholders with
good liquidity, as Nasdaq has accounted for approximately 86% of
its trading volume since its November 12, 2020 listing. The
substantial savings in exchange fees, legal fees, and managerial
time and effort to maintain a dual listing can be redirected into
scientific programs, further advancing the business of the Company.
InMed’s common shares will continue to be listed and traded on
Nasdaq and its Canadian shareholders’ existing shares will trade
through their brokers on the Nasdaq stock exchange. InMed
anticipates that its common shares will be delisted from the TSX at
the close of trading on or about May 7, 2021.
As most brokers in Canada, including discount
and online brokers, have the ability to buy and sell securities
listed on Nasdaq, InMed’s Nasdaq listing will continue to provide
shareholders with the same accessibility to trade the Company’s
common shares. Shareholders holding shares in Canadian brokerage
accounts should contact their brokers to confirm how to trade
InMed’s shares on the Nasdaq exchange.
For answers to frequently asked questions about
the voluntary delisting, please visit the FAQ section of the
Company's website.
About InMed: InMed
Pharmaceuticals is a clinical-stage company developing a pipeline
of cannabinoid-based pharmaceutical drug candidates, initially
focused on the therapeutic benefits of cannabinol (CBN), in
diseases with high unmet medical need. The Company is dedicated to
delivering new therapeutic alternatives to patients that may
benefit from cannabinoid-based pharmaceutical drugs. For more
information, visit www.inmedpharma.com.
Investor
Contact: |
Edison Group Joe Green/Laine Yonker |
T:E: |
|
+1.646.653.7030/+1.646.653.7035jgreen@edisongroup.comlyonker@edisongroup.com |
Cautionary Note Regarding Forward-Looking
Information:
This news release contains “forward-looking
information” and “forward-looking statements” (collectively,
“forward-looking information”) within the meaning of applicable
securities laws. Forward-looking information is based on
management's current expectations and beliefs and is subject to a
number of risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. Forward-looking information in this news release
includes statements about: the delisting of the common shares from
the TSX; the achievement of administrative and regulatory
efficiencies; the continued listing and trading of the common
shares on NASDAQ; the ability of Canadian shareholders to trade
through their brokers on NASDAQ; developing a pipeline of
cannabinoid-based medications, initially focused on the therapeutic
benefits of CBN, in diseases with high unmet medical need; and
delivering new therapeutic alternatives to patients that may
benefit from cannabinoid-based medicines.
With respect to the forward-looking information
contained in this news release, InMed has made numerous
assumptions. While InMed considers these assumptions to be
reasonable, these assumptions are inherently subject to significant
business, economic, competitive, market and social uncertainties
and contingencies.
Additionally, there are known and unknown risk
factors which could cause InMed's actual results, performance or
achievements to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking information contained herein. Known risk factors
include, among others: regulatory filings may not be filed or
approved on a timely basis, or at all; InMed’s securities may not
be delisted from the TSX in the time expected or at all; InMed may
not be able to advance its product candidates on a timely basis, or
at all; economic or market conditions may worsen; InMed's
cannabinoid manufacturing process and drug development programs may
not deliver the expected level of results; and InMed may not be
able to provide new therapeutic alternatives that benefit patients
via cannabinoid-based medicines. A more complete discussion of the
risks and uncertainties facing InMed is disclosed in InMed's
filings with the Security and Exchange Commission and the most
recent Annual Information Form filed with Canadian securities
regulatory authorities on SEDAR at www.sedar.com.
All forward-looking information herein is
qualified in its entirety by this cautionary statement, and InMed
disclaims any obligation to revise or update any such
forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking information contained
herein to reflect future results, events or developments, except as
required by law.
NEITHER THE TORONTO STOCK EXCHANGE NOR ITS
REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.