InMed Pharmaceuticals (NASDAQ: INM), a leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary cannabinoid analogs, has been granted an additional 180 days to comply with NASDAQ’s minimum bid price requirement for the continued listing on the NASDAQ Capital Market. InMed received a letter from the exchange notifying it of the extended deadline, which will now be Sept. 16, 2024. According to the announcement, the compliance issues have no immediate effect on the listing or trading of the InMed Pharmaceuticals’ ordinary shares, which will continue to trade on the NASDAQ Capital Market. “NASDAQ’s determination is based on the company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the NASDAQ Capital Market, with the exception of the bid price requirement, and the company’s written notice of its intention to consider all available options to regain compliance during the Extended Compliance Period, including, if necessary, effecting a reverse stock split,” the announcement stated. “If at any time prior to Sept. 16, 2024, the closing bid price of the company’s ordinary shares is at least $1 per share for at least a minimum of 10 consecutive business days, the company will regain compliance with the Minimum Bid Price Rule and this matter will be closed.”
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About InMed Pharmaceuticals Inc.
InMed Pharmaceuticals is a global leader in the manufacturing, development and commercialization of rare cannabinoids and proprietary cannabinoid analogs. Together with its subsidiary, BayMedica, the company has unparalleled cannabinoid manufacturing capabilities to serve a spectrum of consumer markets, including pharmaceutical and health and wellness. InMed is a clinical-stage company developing a pipeline of rare cannabinoid therapeutics and dedicated to delivering new treatment alternatives to patients who may benefit from cannabinoid-based pharmaceutical drugs. For more information, please visit www.InMedPharma.com.
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