Psyence Biomedical Secures Extension To Meet Nasdaq Compliance Standards

Psyence Biomedical Ltd. PBM has successfully obtained an extension from the Nasdaq Hearings Panel, giving the company until December 31, 2024, to meet the exchange's continued listing requirements. The decision, reached after a hearing on October 31, allows the company to remain listed while implementing measures to comply with Nasdaq's rigorous benchmarks.

Psyence Biomed presented a comprehensive plan to address key requirements, including the $1 minimum bid price, a $1 million market value of publicly held shares and $2.5 million in minimum stockholders’ equity. To support these efforts, the company transitioned from The Nasdaq Global Market to The Nasdaq Capital Market as of November 15, 2024.

Strategic Steps Toward Compliance

The company is also enacting a 1-for-75 share consolidation approved during its annual general meeting on November 12. This consolidation aims to achieve compliance with Nasdaq's $1 minimum bid price rule, a common hurdle for smaller-cap stocks.

"We are very pleased to have gained alignment with the Nasdaq Hearings Panel on our plan to regain compliance with all applicable listing requirements," said Dr. Neil Maresky, CEO of Psyence Biomed.

Maresky emphasized the critical importance of maintaining the company's Nasdaq listing: "Having our shares traded on the Nasdaq exchange is critical to raising awareness of our company among healthcare-focused institutional investors. Once these listing requirements are satisfied, we can focus on advancing our pipeline of nature-derived psilocybin-based therapeutics as potential treatments for underserved conditions in mental health and addiction where more efficacious options are urgently needed."

The company's strategy aligns with its mission to advance psilocybin-based therapeutics targeting mental health and addiction, areas with significant unmet medical needs. 

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