Bright Minds Announces Effective Date of Share Consolidation
July 11 2023 - 5:50AM
Bright Minds Biosciences Inc. (CSE: DRUG) (NASDAQ: DRUG)
(“
Bright Minds” or the
“
Company”), a biotechnology company focused on
developing novel drugs for the targeted treatment of
neuropsychiatric disorders, epilepsy, and pain, announces that,
further to its news release on June 22, 2023, the Company will
consolidate its common shares (the “
Common
Shares”) on a five (5) to one (1) basis (the
“
Consolidation”).
The Company’s post-Consolidation Shares are
expected to begin trading on the Canadian Securities Exchange and
The NASDAQ Capital Market on July 14, 2023. The name of the Company
and trading symbol will remain the same after the Consolidation.
Following the Consolidation, the Company’s CUSIP number will be
10919W405 and the new ISIN number will be CA10919W4056.
No fractional Common Shares will be issued upon
the Consolidation. In the event a holder of Common Shares would
otherwise be entitled to receive a fractional Common Share in
connection with the Consolidation, the number of Common Shares to
be received by such shareholder will be rounded down to the next
whole number if that fractional Common Share is less than one half
(1/2) of a Common Share, and will be rounded up to the next whole
number of Common Shares if that fractional Common Share is equal to
or greater than one half (1/2) of a Common Share.
Letters of transmittal with respect to the
Consolidation will be mailed to all registered shareholders of the
Company. All registered shareholders will be required to send their
respective certificates representing the pre-Consolidation Common
Shares along with a properly executed letter of transmittal to the
Company’s transfer agent, Computershare Investor Services Inc.
(“Computershare”), in accordance with the
instructions provided in the letter of transmittal. Additional
copies of the letter of transmittal can be obtained through
Computershare at 1-800-564-6253. All shareholders
who submit a duly completed letter of transmittal along with their
respective pre-Consolidation Common Share certificate(s) to
Computershare will receive a post-Consolidation Common Share
certificate or Direct Registration Advice representing the
post-Consolidation Common Shares.
About Bright Minds
Bright Minds is focused on developing novel
transformative treatments for neuropsychiatric disorders, epilepsy,
and pain. Bright Minds has a portfolio of next-generation serotonin
agonists designed to target neurocircuit abnormalities that are
responsible for difficult to treat disorders such as resistant
epilepsy, treatment resistant depression, PTSD, and pain. The
Company leverages its world-class scientific and drug development
expertise to bring forward the next generation of safe and
efficacious drugs. Bright Minds’ drugs have been designed to
potentially retain the powerful therapeutic aspects of psychedelic
and other serotonergic compounds, while minimizing the side
effects, thereby creating superior drugs to first-generation
compounds, such as psilocybin.
Investor Contacts:Lisa WilsonE:
lwilson@insitecony.comT: 917-543-9932
Ian McDonaldCEO and DirectorE:
ian@brightmindsbio.comT: 917-543-9932
This news release includes certain statements
that may be deemed “forward-looking statements”. All statements in
this new release, other than statements of historical facts, that
address events or developments that the Company expects to occur,
are forward-looking statements. Forward-looking statements are
statements that are not historical facts and are generally, but not
always, identified by the words “expects”, “plans”, “anticipates”,
“believes”, “intends”, “estimates”, “projects”, “potential” and
similar expressions, or that events or conditions “will”, “would”,
“may”, “could” or “should” occur. Forward-looking statements in
this news release include, without limitation, statements related
to the completion of the Consolidation. Although the Company
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results may differ
materially from those in the forward-looking statements. Factors
that could cause the actual results to differ materially from those
in forward-looking statements include market prices, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Forward-looking statements are
based on the beliefs, estimates and opinions of the Company’s
management on the date the statements are made. Except as required
by applicable securities laws, the Company undertakes no obligation
to update these forward-looking statements in the event that
management's beliefs, estimates or opinions, or other factors,
should change.
Neither the Canadian Securities Exchange nor its
Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this news release.
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