InMed Pharmaceuticals Receives Nasdaq Notification Regarding Minimum Bid Price Compliance
July 12 2022 - 11:33PM
InMed Pharmaceuticals Inc. (“
InMed” or the
“
Company”) (
Nasdaq: INM), a
research, development, manufacturing corporation specializing in
the commercialization of rare cannabinoids, announces that, as
previously disclosed pursuant to a Form 8-K filed with the
Securities Exchange Commission on June 21, 2022, the Company
received written notice from the listing qualifications department
staff of The Nasdaq Capital Market (“
Nasdaq”)
notifying it that the closing bid price of the Company’s common
shares over a period of 30 consecutive trading days was below the
minimum $1.00 per share requirement for continued listing on the
Nasdaq under Nasdaq Listing Rule 5550(a)(2).
In accordance with applicable Nasdaq procedures,
the Company has a period of 180 calendar days following the receipt
of the written notice mentioned above to cure the deficiency and
regain compliance. The notice has no immediate impact on the
listing of the Company’s common shares, which will continue to
trade on the Nasdaq subject to the Company’s continued compliance
with the other listing requirements of the Nasdaq. The common
shares of the Company will continue to trade under the symbol
“INM”. The Company intends to monitor the closing share price for
its common shares and explore available options to regain
compliance.
In the event the Company does not evidence
compliance with the minimum bid price requirement during the
180-day grace period, it is expected that Nasdaq would notify the
Company that its common shares are subject to delisting. At such
time, the Company may appeal such determination to a Nasdaq
Hearings Panel (the “Panel”) and it is expected
that the Company’s securities would continue to be listed and
available to trade on Nasdaq at least pending the completion of the
appeal process. There can be no assurance that any such appeal
would be successful or that the Company would be able to evidence
compliance with the terms of any extension that may be granted by
the Panel.
About InMed: InMed
Pharmaceuticals is a global leader in the research, development,
manufacturing and commercialization of rare cannabinoids. Together
with its subsidiary BayMedica LLC, the Company has unparalleled
cannabinoid manufacturing capabilities to serve a spectrum of
consumer markets, including pharmaceutical and health and wellness.
InMed is also a clinical-stage company developing a pipeline of
rare cannabinoid therapeutics and dedicated to delivering new
treatment alternatives to patients that may benefit from
cannabinoid-based pharmaceutical drugs. For more information,
visit www.inmedpharma.com and www.baymedica.com.
Investor Contact: Colin ClancySenior Director,
Investor RelationsT: +1.604.416.0999E: cclancy@inmedpharma.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, including those relating to the Company's ability
to regain compliance with the minimum bid price requirement, the
impact of Nasdaq’s notice on the listing of the Company’s common
shares on Nasdaq, the Company’s ability to meet the minimum
stockholders’ bid requirement for continued listing under Nasdaq
listing rules or the success of any proposed appeal to the panel.
These forward-looking statements are based on current expectations,
estimates, forecasts and projections about the industry and markets
in which we operate and management's current beliefs and
assumptions.
These statements may be identified by the use of
forward-looking expressions, including, but not limited to,
"expect," "anticipate," "intend," "plan," "believe," "estimate,"
"potential, "predict," "project," "should," "would" and similar
expressions and the negatives of those terms. These statements
relate to future events or our financial performance and involve
known and unknown risks, uncertainties, and other factors which may
cause actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such
factors include those set forth in the Company's filings with the
Securities and Exchange Commission. Prospective investors are
cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release.
The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise.
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