VANCOUVER, British Columbia – InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a research and development, manufacturing corporation specializing in the commercialization of rare cannabinoids, announces that, as previously disclosed pursuant to a Form 8-K filed with the Securities and Exchange Commission on June 21, 2022, the Company has received written notice from the listing qualifications department staff of The Nasdaq Capital Market (“Nasdaq”) notifying it that the (2).
In accordance with applicable Nasdaq procedures, the Company has 180 calendar days after receiving the aforementioned written notice to cure the deficiency and regain compliance. The notice has no immediate effect on the listing of the Company’s common shares, which will continue to trade on the Nasdaq as long as the Company continues to meet the other Nasdaq listing requirements. The Company’s common shares will continue to be traded under the symbol “INM.” The Company intends to track the closing price of its common shares and investigate all available options for regaining compliance.
During the 180-day grace period, if the Company fails to demonstrate compliance with the minimum bid price requirement, Nasdaq is expected to notify the Company that its common shares are subject to delisting. At that time, the Company may file an appeal with a Nasdaq Hearings Panel (the “Panel”), and it is anticipated that the Company’s securities will remain listed and available for trading on Nasdaq at least until the conclusion of the appeals process. There is no assurance that such an appeal would be successful or that the Company would be able to demonstrate compliance with the terms of any extension the Panel may grant.
InMed Pharmaceuticals is a global leader in rare cannabinoids research, development, manufacturing, and commercialization. Together with its subsidiary BayMedica LLC, the company has unmatched cannabinoid manufacturing capabilities to serve a range of consumer markets, including the pharmaceutical and health and wellness sectors. InMed is a clinical-stage company developing a pipeline of rare cannabinoid therapeutics and committed to providing new treatment options for patients who may benefit from cannabinoid-based pharmaceuticals. Please visit www.inmedpharma.com and www.baymedica.com for additional information.
Investor Relations Contact: Colin Clancy, Senior Director T: +1.604.416.0999 E: [email protected]
Note of Caution Regarding Forward-Looking Data:
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws, including information regarding the Company’s ability to regain compliance with the minimum bid price requirement, the impact of Nasdaq’s notice on the listing of the Company’s common shares on Nasdaq, and the Company’s ability to meet the minimum stockholders’ bid requirement for continued listing. These forward-looking statements are based on our current expectations, estimates, forecasts, and projections about our industry and markets, as well as the current beliefs and assumptions of management.
These statements can be identified by the use of forward-looking expressions such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would,” and the negatives of these terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or accomplishments to differ materially from any future results, performance, or accomplishments expressed or implied by forward-looking statements.
Such factors include those listed in the Company’s Securities and Exchange Commission filings. Investors are cautioned against placing undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company is not obligated to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
