InMed Announces Share Consolidation to Meet Nasdaq Listing Criteria
August 23 2022 - 5:00PM
InMed Pharmaceuticals Inc.
(“
InMed” or the “
Company”)
(Nasdaq: INM), a leader in the research, development, manufacturing
and commercialization of rare cannabinoids, today announces,
pursuant to a directors’ resolution, InMed will be consolidating
all of its issued and outstanding share capital on the basis of one
(1) post‐consolidation share for each twenty five (25)
pre‐consolidation common shares of the Company (the
“
Consolidation”) in order to regain compliance
with all of Nasdaq’s continued listing requirements.
The Consolidation will result in the number of
issued and outstanding common shares of the Company being reduced
from 18,014,937 to approximately 720,597 common shares on a
non-diluted basis and each shareholder will hold the same
percentage of common shares outstanding immediately after the
Consolidation as such shareholder held immediately prior to the
Consolidation.
The exercise price and number of common shares
of the Company issuable upon the exercise of outstanding stock
options, warrants or other convertible securities will be
proportionately adjusted to reflect the Consolidation in accordance
with the terms of such securities. No fractional shares will be
issued as a result of the Consolidation. Per the requirements of
the Business Corporations Act (British Columbia), under which
the Company is regulated, if fractional shares are to be converted
into whole shares, each fractional share remaining after the
completion of the Consolidation that is less than half of a share
must be cancelled and each fractional share that is at least half
of a share must be rounded up to one whole share.
The Company’s common shares will begin trading
on a split-adjusted basis on the Nasdaq Capital Market commencing
at the market open, September 7, 2022. The Company’s trading symbol
“INM” will remain unchanged, while the common shares will begin
trading with a new CUSIP number of 457637601 and a new ISIN number
of CA4576376012.
Registered shareholders holding physical share
certificates will receive by mail a letter of transmittal advising
of the Consolidation and containing instructions. Holders of common
shares of the Company who hold uncertificated common shares (i.e.,
common shares held in book-entry form and not represented by a
physical share certificate), either as registered holders or
beneficial owners, will have their existing book-entry account(s)
electronically adjusted by the Company's transfer agent or, for
beneficial shareholders, by their brokerage firms, banks, trusts or
other nominees that hold in "street name" for their benefit. Such
holders do not need to take any additional actions to exchange
their pre-Consolidation common shares for post-Consolidation common
shares.
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 ClancyVice President,
Investor Relations & Corporate CommunicationsT:
+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. 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: regaining compliance with Nasdaq listing
requirements; completion of the proposed Consolidation and its
effect on the common shares of the Company; receipt by shareholders
of documents relating to the Consolidation; being a global leader
in the research, development, manufacturing and commercialization
of rare cannabinoids; and delivering new treatment alternatives to
patients that may benefit from cannabinoid-based pharmaceutical
drugs.
With respect to the forward-looking information
contained in this news release, InMed has made numerous assumptions
regarding, among other things: the ability to obtain all necessary
regulatory approvals on a timely basis, or at all; and continued
economic and market stability. 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. A
complete discussion of the risks and uncertainties facing InMed’s
stand-alone business is disclosed in InMed’s Annual Report on Form
10-K and other filings with the Security and Exchange Commission on
www.sec.gov.
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.
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