VANCOUVER - InMed Pharmaceuticals Inc. (NASDAQ: INM), a company involved in the development and manufacturing of rare cannabinoids, announced today that it has been granted an additional period to meet Nasdaq's minimum bid price requirement. The Nasdaq Stock Market LLC has provided InMed until September 16, 2024, to regain compliance with the bid price rule for continued listing on the Nasdaq Capital Market.
The extended compliance period is a result of InMed fulfilling the market value requirement for publicly held shares and other initial listing criteria, except for the bid price. InMed has communicated its plans to explore all options to regain compliance, which may include a reverse stock split if necessary.
InMed initially received notification on September 19, 2023, that its share price did not meet the $1.00 minimum bid per share requirement. The company was initially given 180 days, until March 18, 2024, to comply. If InMed's share price reaches at least $1.00 for a minimum of 10 consecutive business days before the new deadline, it will regain compliance and the issue will be resolved.
The current notification from Nasdaq does not affect the trading of InMed's ordinary shares, which will continue to be listed under the ticker "INM." InMed, together with its subsidiary BayMedica LLC, positions itself as a leader in cannabinoid manufacturing, serving pharmaceutical and health and wellness markets. The company is also developing a pipeline of cannabinoid-based therapeutics.
This article is based on a press release statement.
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