Clearmind Medicine Announces Receipt of Nasdaq Delisting Notice and Plan for Immediate Recompliance
November 17 2023 - 3:15PM
Clearmind Medicine Inc. (Nasdaq, CSE: CMND), (FSE: CWY)
(“Clearmind” or the "company"), a biotech company focused on
discovery and development of novel psychedelic-derived therapeutics
to solve major under-treated health problems, announced receipt of
a Staff Delisting Determination (the "Staff Determination") from
the Listing Qualifications Department of the Nasdaq Stock Market,
LLC ("Nasdaq"). The Company was notified that Nasdaq has determined
to delist the Company's securities from the Nasdaq Capital Market
for failure to maintain a minimum bid price of $1.00 per share for
thirty consecutive business days in accordance with Nasdaq Listing
Rule 5550(a)(2) (the "Minimum Bid Price Rule").
The Company plans to appeal the Staff’s determination to a
Hearings Panel (the “Panel”). A hearing request will stay the
suspension of the Company’s securities and the filing of the Form
25-NSE pending the Panel’s decision.
As part of the plan to regain compliance with the Minimum Bid
Price Rule, the Company intends to conduct a reverse stock split as
soon as reasonably practicable, subject to applicable law and
Nasdaq rules. On November 14th, the Company’s shareholders approved
a reverse stock split, which the Company expects will be made
effective imminently. Additional details regarding the reverse
stock split will be announced in the coming days.
“The Company’s shareholders have already approved a
reverse stock split, which is expected within the next few weeks,
as part of our plan to regain compliance with the Minimum Bid Price
Rule,” said Clearmind’s Chief Executive Officer Dr. Adi
Zuloff-Shani. “We are looking forward to updating our shareholders
regarding the Company’s compliance with the Minimum Bid Price Rule
soon.”
About Clearmind Medicine Inc.
Clearmind is a psychedelic pharmaceutical biotech company
focused on the discovery and development of novel
psychedelic-derived therapeutics to solve widespread and
underserved health problems, including alcohol use disorder. Its
primary objective is to research and develop psychedelic-based
compounds and attempt to commercialize them as regulated medicines,
foods or supplements.
The Company’s intellectual portfolio currently consists of
fourteen patent families. The Company intends to seek additional
patents for its compounds whenever warranted and will remain
opportunistic regarding the acquisition of additional intellectual
property to build its portfolio.
Shares of Clearmind are listed for trading on Nasdaq and the
Canadian Securities Exchange under the symbol "CMND" and the
Frankfurt Stock Exchange under the symbol “CWY.”
For further information
visit: https://www.clearmindmedicine.com or contact:
Investor Relations invest@clearmindmedicine.com Telephone: (604)
260-1566 US: CMND@crescendo-ir.com
General Inquiries Info@Clearmindmedicine.com
www.Clearmindmedicine.com
Forward-Looking Statements:
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, the Company is using
forward-looking statements when it discusses effecting a
reverse stock split and its recompliance with the Minimum Bid Price
Rule and good standing with Nasdaq. There can be no assurance that
the Panel will determine to continue to allow the listing of the
Company's securities on the Nasdaq Capital Market, or that the
Company will consummate a reverse stock split. Forward-looking
statements are not historical facts, and are based upon
management’s current expectations, beliefs and projections, many of
which, by their nature, are inherently uncertain. Such
expectations, beliefs and projections are expressed in good faith.
However, there can be no assurance that management’s expectations,
beliefs and projections will be achieved, and actual results may
differ materially from what is expressed in or indicated by the
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties that could cause actual performance or
results to differ materially from those expressed in the
forward-looking statements. For a more detailed description of the
risks and uncertainties affecting the Company, reference is made to
the Company’s reports filed from time to time with the Securities
and Exchange Commission (“SEC”), including, but not limited to, the
risks detailed in the Company’s annual report on Form 20-F filed
with the SEC on February 6, 2023. Forward-looking statements speak
only as of the date the statements are made. The Company assumes no
obligation to update forward-looking statements to reflect actual
results, subsequent events or circumstances, changes in assumptions
or changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws. If the
Company does update one or more forward-looking statements, no
inference should be drawn that the Company will make additional
updates with respect thereto or with respect to other
forward-looking statements. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release. Clearmind is not responsible for the contents of
third-party websites.
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