Clearmind Medicine Announces 1-for-30 Reverse Share Split
November 21 2023 - 7:15AM
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 it will
conduct a reverse share split of its issued and outstanding
ordinary shares, no par value, at a ratio of 1-for-30. The reverse
split is being effected as part of the Company’s plan to regain
compliance with the Nasdaq Minimum Bid Price Rule and will be
effective commencing November 28, 2023.
The reverse share split was approved by the Company’s
shareholders at the Company’s general shareholders meeting held on
November 14, 2023 and subsequently resolved by the Company' board
of directors.
Following the implementation of the reverse split, the Company’s
authorized share capital will remain unchanged, which as of the
date hereof is unlimited. The reverse split will adjust the number
of issued and outstanding Common Shares of the Company from
18,221,419 Common Shares to 607,381 Common Shares (subject to any
further adjustments based on the treatment of fractional
shares).
No fractional Common Shares will be issued as a result of the
reverse split. All fractional shares shall be rounded up to the
nearest whole Common Share. In addition, a proportionate adjustment
will be made to the per share exercise price and the number of
Common Shares issuable upon the exercise of all outstanding options
or warrants entitling the holders thereof to purchase Common
Shares.
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
share split and plan to regain compliance with the Nasdaq Minimum
Bid Price Rule. 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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