InMed Pharmaceuticals Announces Decision by NASDAQ Hearings Panel to Grant Exception to Implement Share Consolidation to Satisfy NASDAQ Listing Rules

Newsfile11-05 21:30

Vancouver, British Columbia--(Newsfile Corp. - November 5, 2024) - InMed Pharmaceuticals Inc. (NASDAQ: INM) ("InMed" or the "Company"), a pharmaceutical company focused on developing a pipeline of ...

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(NASDAQ: INM) (\"InMed\" or the \"Company\"), a pharmaceutical company focused on developing a pipeline of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/inmed-pharmaceuticals-announces-decision-nasdaq-133000220.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>InMed Pharmaceuticals Announces Decision by NASDAQ Hearings Panel to Grant Exception to Implement Share Consolidation to Satisfy NASDAQ Listing Rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInMed Pharmaceuticals Announces Decision by NASDAQ Hearings Panel to Grant Exception to Implement Share Consolidation to Satisfy NASDAQ Listing Rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-05 21:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/inmed-pharmaceuticals-announces-decision-nasdaq-133000220.html><strong>Newsfile</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Vancouver, British Columbia--(Newsfile Corp. - November 5, 2024) - InMed Pharmaceuticals Inc. (NASDAQ: INM) (\"InMed\" or the \"Company\"), a pharmaceutical company focused on developing a pipeline of ...</p>\n\n<a href=\"https://finance.yahoo.com/news/inmed-pharmaceuticals-announces-decision-nasdaq-133000220.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4585","symbol_name":"ETF&股票定投概念","start_time":0,"source_url":"https://finance.yahoo.com/news/inmed-pharmaceuticals-announces-decision-nasdaq-133000220.html","article_id":"2481501958","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/lZjG2WvYUSe44w8CrJXwdg--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/newsfile_64/bea8f78d78f6bd9f6b4112a0dd60eff2"],"rights":{"source":"yahoofinance","url":"https://finance.yahoo.com/news/inmed-pharmaceuticals-announces-decision-nasdaq-133000220.html","rn_cache_url":null,"customStyle":"img, svg { display: none !important; }","selectors":"article","filters":"","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2481501958","pubTimestamp":1730813400,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Vancouver, British Columbia-- - InMed Pharmaceuticals Inc.  , a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today announced the decision by the Nasdaq Listing Qualifications Panel  to grant an exception until December 2, 2024, to implement a share consolidation to satisfy the Nasdaq Listing Rules.Once deemed effective, the Consolidation will result in the number of issued and outstanding Common Shares being reduced from 14,361,550 to approximately 718,078 Common Shares on a non-diluted basis, and each of the Company's shareholders will hold the same overall percentage of Common Shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4585":"ETF&股票定投概念","LU2095319765.USD":"Natixis Thematics Subscription Economy R/A USD","BK4007":"制药","LU2210150020.SGD":"Natixis Thematics Subscription Economy R/A SGD","LU2210149790.SGD":"Natixis Thematics Subscription Economy R/A SGD-H","IE00BKPKM429.USD":"NEUBERGER BERMAN GLOBAL SUSTAINABLE EQUITY \"A\" (USD) ACC","QID":"纳指两倍做空ETF","BK4588":"碎股","IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC",".IXIC":"NASDAQ Composite","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","SQQQ":"纳指三倍做空ETF","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","BK4112":"金融交易所和数据","QLD":"纳指两倍做多ETF","TQQQ":"纳指三倍做多ETF","NDAQ":"纳斯达克OMX交易所","PSQ":"纳指反向ETF","INM":"InMed Pharmaceuticals Inc"},"translate_title":"InMed Pharmaceuticals宣布纳斯达克听证会小组决定批准例外实施股份合并以满足纳斯达克上市规则","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NDAQ":1,".IXIC":1,"INM":0.9,"TQQQ":0.6,"SQQQ":0.6,"QLD":0.6,"QID":0.6,"PSQ":0.6,"NQmain":0.6,"MNQmain":0.6},"content_text":"Vancouver, British Columbia--(Newsfile Corp. - November 5, 2024) - InMed Pharmaceuticals Inc. (NASDAQ: INM) (\"InMed\" or the \"Company\"), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today announced the decision by the Nasdaq Listing Qualifications Panel (the \"Panel\") to grant an exception until December 2, 2024, to implement a share consolidation to satisfy the Nasdaq Listing Rules.\nAs previously reported by InMed on its current report on Form 8-K, on September 17, 2024, the Listing Qualifications Department (the \"Nasdaq Staff\") of the Nasdaq Stock Market (\"Nasdaq\") issued a determination to the Company, which was communicated through a delisting notice (the \"Delisting Notice\"), indicating that the Company did not satisfy the minimum $1.00 bid price per share requirement for the continued listing on Nasdaq, as set forth in Nasdaq Listing Rule 5550(a)(2) (the \"Minimum Bid Price Rule\") by September 16, 2024. The Company subsequently requested a hearing (the \"Hearing\") before the Panel to appeal the determination by the Nasdaq Staff, and present its plan to regain and sustain compliance with the Minimum Bid Price Rule. \nOn October 31, 2024, a hearing (the \"Hearing\") was held before the Panel regarding the Company's request for (i) continued listing on Nasdaq and (ii) additional time to regain compliance with the minimum $1.00 bid price per share requirement, as set forth in Nasdaq Listing Rule 5550(a)(2) (the \"Minimum Bid Price Rule\"). During the Hearing, InMed presented an overview of its current and ongoing strategic initiatives aimed at enhancing shareholder value and regaining compliance with the Minimum Bid Price Rule. On November 1, 2024, the Panel issued its determination (the \"Panel Determination Letter\") to the Company, granting the Company's request for the continued listing of the Company's common shares, no par value, on Nasdaq, but subject to the Company's evidencing compliance with (i) the Minimum Bid Price Rule for ten consecutive trading days as of December 2, 2024 (the \"Requisite Compliance Date\"), and (ii) other conditions stipulated by the Panel Determination Letter. \nThe Company's Board of Directors approved a proposal on October 29, 2024 to consolidate all of its issued and outstanding common shares, no par value (the \"Common Shares\"), on the basis of one (1) post‐consolidation share for each twenty (20) pre‐consolidation Common Shares (the \"Consolidation\") in order to regain compliance with the Minimum Bid Price Rule.\nOnce deemed effective, the Consolidation will result in the number of issued and outstanding Common Shares being reduced from 14,361,550 to approximately 718,078 Common Shares on a non-diluted basis, and each of the Company's shareholders will hold the same overall percentage of Common Shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation.\nThe exercise price and number of Common Shares 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. The Company's trading symbol \"INM\" will remain unchanged, while the Common Shares will begin trading with a new CUSIP and ISIN number.\nRegistered shareholders holding physical share certificates will receive by mail a letter of transmittal advising of the Consolidation and containing transmittal instructions. Holders of Common Shares 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.\nThe Company is working diligently and taking definitive steps to consummate the Consolidation and regain compliance with the Minimum Bid Price Rule by the Requisite Compliance Date; however, there can be no assurances that the Company will be able to regain compliance with the Minimum Bid Price Rule by the Requisite Compliance Date, if at all.\nAbout InMed: \nInMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed's pipeline consists of three separate programs in the treatment of Alzheimer's, ocular and dermatological indications. For more information, visit www.inmedpharma.com.\n\nInvestor Contact: Colin ClancyVice President, Investor Relations and Corporate CommunicationsT: +1 604 416 0999E: ir@inmedpharma.com\n\nCautionary Note Regarding Forward-Looking Information:\nThis news release contains \"forward-looking information\" and \"forward-looking statements\" (collectively, \"forward-looking information\") within the meaning of applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as \"expects\", \"anticipates\", \"believes\", \"intends\", \"potential\", \"possible\", \"would\" and similar expressions. Such statements, based as they are on current expectations of management, inherently involve numerous risks, uncertainties and assumptions, known and unknown, many of which are beyond our control. 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. Without limiting the foregoing, forward-looking information in this news release includes, but is not limited to, statements about the Company's receipt of the Hearings Panel Determination, the Company's ability to comply with the conditions set forth in the Hearings Panel Determination, including the ability to timely perform the Consolidation by the Requisite Compliance Date, the impact of the Consolidation on the liquidity of the Common Shares, whether the Common Shares will trade above $1.00 per share by the Requisite Compliance Date, if at all, and whether the Company will be able to comply with the NASDAQ Listing Rules more generally.\nAdditionally, 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 made with the Securities and Exchange Commission on www.sec.gov.\nAll 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.\n\nTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/228905","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"Policy And Regulatory","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481501958"}