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InMed Receives NASDAQ Delisting Notice, and Confirms it has Filed an Appeal and Obtained a Panel Hearing Date
Vancouver, British Columbia--(Newsfile Corp. - September 20, 2024) - InMed Pharmaceuticals Inc. (NASDAQ: INM) ("InMed" or the "Company"), a pharmaceutical
About this update from Inmed Pharmaceuticals Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - September 20, 2024) - InMed Pharmaceuticals Inc. (NASDAQ: INM) (\"InMed\" or the \"Company\"), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today announced that it has timely requested a hearing (the \"Hearing\") before the Nasdaq Listing Qualifications Panel (the \"Panel\") to appeal (the \"Appeal\") the determination by the Listing Qualifications Department (the \"Nasdaq Staff\") of The Nasdaq Stock Market LLC (\"Nasdaq\"), and present its plan to regain and sustain compliance with Nasdaq's minimum bid price requirement of at least $1.00 for the continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the \"Minimum Bid Price Rule\"). Nasdaq has notified the Company via electronic mail that the Hearing has been scheduled for October 31, 2024.\nAs previously announced by the Company on March 20, 2024, the Company had been granted an additional 180-day compliance period, or until September 16, 2024 (the \"Compliance Date\"), to regain compliance with the Minimum Bid Price Rule. The Nasdaq Staff's determination, which was communicated through a delisting notice (the \"Delisting Notice\") issued to the Company on September 17, 2024, indicates that the Company did not satisfy the Minimum Bid Price Rule by the Compliance Date.\nThe Appeal has stayed any delisting or suspension action contemplated by the Delisting Notice (including the filing of a Form 25-NSE) pending the issuance of a final decision by the Panel. The Panel has broad discretionary public interest authority, which includes the discretion to grant the Company up to an additional 180 calendar days from September 16, 2024, to regain compliance. The Panel can also exercise that authority to apply additional or more stringent criteria for the continued listing of the Company's common shares, no par value (the \"Common Shares\"), or suspend or delist the Common Shares (including through the filing of a Form 25-NSE). Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period or that the outcome of the Hearing or the Appeal (more generally) will be favorable to the Company.\nAbout InMed:\nInMed Pharmaceuticals is a pharmaceutical company focused on deve...