MindMed Announces Voluntary Delisting from Cboe Canada
April 01 2024 - 5:00PM
Business Wire
All Common shares will remain listed on
Nasdaq
Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) (Cboe Canada: MMED)
(the “Company” or “MindMed”), a clinical stage biopharmaceutical
company developing novel product candidates to treat brain health
disorders, today announced that it has elected to voluntarily
delist its common shares from Cboe Canada, effective at the close
of markets on April 10, 2024, and the notice of voluntary delisting
has been accepted by Cboe Canada. MindMed’s common shares will
continue to be listed and tradable on The Nasdaq Global Select
Market (“Nasdaq”) under the symbol “MNMD” and Canadian shareholders
can continue to trade their shares on Nasdaq.
The Company believes that the trading volume of its common
shares on Cboe Canada no longer justifies the expense and
administrative requirements associated with maintaining this dual
listing. MindMed’s Nasdaq listing provides its shareholders with
sufficient liquidity, as Nasdaq accounts for approximately 95% of
its trading volume. The substantial savings in exchange fees, legal
fees, and managerial time and effort to maintain a dual listing can
be redirected to initiatives intended to generate shareholder
value. The board of directors of the Company has approved the
voluntary delisting from Cboe Canada. In accordance with the Cboe
Canada Listing Manual, Cboe Canada does not require shareholder
approval of the voluntary delisting of MindMed’s common shares, as
an acceptable alternative market will exist for the common shares
on the date of delisting.
Following delisting from Cboe Canada, MindMed’s shareholders can
trade their common shares through their brokers on Nasdaq. As most
brokers in Canada, including many discount and online brokers, have
the ability to buy and sell securities listed on Nasdaq, MindMed’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 MindMed’s common shares on Nasdaq.
MindMed will continue to be a reporting issuer under applicable
securities laws in all provinces and territories of Canada
following the delisting of the common shares from Cboe Canada.
For answers to frequently asked questions about the voluntary
delisting, please visit the FAQ section of MindMed’s website at
https://ir.mindmed.co/about/faq.
About MindMed
MindMed is a clinical stage biopharmaceutical company developing
novel product candidates 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 product
candidates, with and without acute perceptual effects, targeting
neurotransmitter pathways that play key roles in brain health
disorders.
MindMed trades on Nasdaq under the symbol MNMD and currently
trades on Cboe Canada (formerly known as the 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 contained in this news
release include, but are not limited to, statements with respect to
the timing of the delisting of the Company’s common shares from
Cboe Canada, the Company’s anticipated benefits of delisting from
Cboe Canada, such as improved liquidity for the common shares, the
accessibility of and ability of shareholders to trade the Company's
common shares on Nasdaq, and the anticipated continued listing of
the Company's common shares on Nasdaq. There are numerous risks and
uncertainties that could cause actual timing and the Company’s
plans and objectives to differ materially from those expressed in
the forward-looking information. These forward-looking statements
are based on our current expectations, estimates, forecasts and
projections about our business and the industry in which we operate
and management’s beliefs and assumptions, including the
non-occurrence of the risks and uncertainties that are described in
the filings made with the U.S. Securities and Exchange Commission
and the applicable Canadian securities regulators or other events
occurring outside of our normal course of business, and are not
guarantees of future performance or development and involve known
and unknown risks, uncertainties and other factors that are in some
cases beyond our control. Except as required by law, the Company
undertakes no duty or obligation to update any forward-looking
statements contained in this release as a result of new
information, future events, changes in expectations or
otherwise.
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ir@mindmed.co
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