- Common shares will begin trading on a
split-adjusted basis at market open on August 29, 2022 -
NEW
YORK, Aug. 26, 2022 /PRNewswire/ -- Mind
Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the "Company"
or "MindMed"), a clinical stage biopharmaceutical company
developing novel products to treat brain health disorders, today
announced that its previously announced 1-for-15 reverse share
split of the Company's common shares, par value $0.001, became effective after the close of
markets on August 26, 2022, with
trading expected to begin on a split-adjusted basis on the Nasdaq
and the Neo Exchange Inc. (the "NEO") at market open on
August 29, 2022. The common shares
will continue to trade under the symbols "MNMD" on the Nasdaq and
"MMED" on the NEO but are assigned CUSIP number 60255C885 and ISIN
number CA60255C8850 following the reverse share split.
The listed warrants will continue to trade on the NEO under the
symbols "MMED.WA", "MMED.WR" and "MMED.WS", as applicable, but are
assigned CUSIP number 60255C166 and ISIN number CA60255C1665, CUSIP
number 60255C174 and ISIN number CA60255C1749, and CUSIP number
60255C158 and ISIN number CA60255C1582, respectively, following the
reverse share split. The listed warrants will be adjusted to
reflect the reverse share split pursuant to the terms of their
respective indentures and certificates, as applicable. All options,
restricted share units, performance share units and deferred share
units of the Company outstanding immediately prior to the reverse
share split will be adjusted to reflect the reverse share split in
accordance with the terms of their respective plans, as
applicable.
The reverse share split is intended to enable the Company to
achieve several important corporate objectives, give the Company
greater flexibility in considering and planning for future
potential business needs, and to address the Nasdaq minimum bid
price requirement. In accordance with the Business Corporations Act
(British Columbia), no fractional
shares of common shares will be issued as a result of the reverse
share split. Each fractional common share remaining upon the
reverse share split that is less than 1/2 of a common share will be
canceled and each fractional common share that is at least 1/2 of a
common share will be changed to one whole common share.
Information for MindMed Shareholders
MindMed has chosen its transfer agent, Computershare Investor
Services Inc. ("Computershare"), to act as exchange agent for the
reverse share split. Shareholders owning shares via a bank, broker
or other nominee will have their positions automatically adjusted
to reflect the reverse share split and will not be required to take
further action in connection with the reverse share split, subject
to brokers' particular processes. For those shareholders holding
physical share certificates, Computershare will send a letter of
transmittal providing instructions for exchanging those
certificates for share certificates or direct registration advice
representing the post-split number of shares.
About MindMed
MindMed is a clinical stage biopharmaceutical company developing
novel products to treat brain health disorders. Our mission is to
be the global leader in the development and delivery of treatments
that unlock new opportunities to improve patient outcomes. We are
developing a pipeline of innovative drug candidates, with and
without acute perceptual effects, targeting the serotonin, dopamine
and acetylcholine systems.
MindMed trades on NASDAQ under the symbol MNMD and on the
Canadian NEO Exchange under the
symbol MMED.
Forward-Looking Statements
Certain statements in this news release related to the Company
constitute "forward-looking information" within the meaning of
applicable securities laws and are prospective in nature.
Forward-looking information is not based on historical facts, but
rather on current expectations and projections about future events
and are therefore subject to risks and uncertainties which could
cause actual results to differ materially from the future results
expressed or implied by the forward-looking statements. These
statements generally can be identified by the use of
forward-looking words such as "will", "may", "should", "could",
"intend", "estimate", "plan", "anticipate", "expect", "believe",
"potential" or "continue", or the negative thereof or similar
variations. Forward-looking information in this news release
include, but are not limited to, statements regarding the reverse
share split potentially enabling the Company to achieve corporate
objectives, give the Company greater flexibility in considering and
planning for future potential business needs, and to address the
Nasdaq minimum bid price requirement. There are numerous risks and
uncertainties that could cause actual results and the Company's
plans and objectives to differ materially from those expressed in
the forward-looking information, including history of negative cash
flows; limited operating history; incurrence of future losses;
availability of additional capital; lack of product revenue;
compliance with laws and regulations; difficulty associated with
research and development; risks associated with clinical trials or
studies; heightened regulatory scrutiny; early stage product
development; clinical trial risks; regulatory approval processes;
novelty of the psychedelic inspired medicines industry; as well as
those risk factors discussed or referred to herein and the risks
described under the headings "Risk Factors" in the Company's
filings with the securities regulatory authorities in all provinces
and territories of Canada which
are available under the Company's profile on SEDAR at www.sedar.com
and with the U.S. Securities and Exchange Commission on EDGAR at
www.sec.gov.
For Media: media@mindmed.co
For Investors: ir@mindmed.co
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SOURCE Mind Medicine (MindMed) Inc.