Clearmind Medicine's Reverse Stock Split And Nasdaq Delisting Notice

Clearmind Medicine Inc. CMND is set to conduct a 1-for-30 reverse share split of its issued and outstanding ordinary shares, no par value, effective starting Nov. 28, 2023. 

See Also: Psychedelics Capital Moves: Beckley Waves Raises $3.3M, Clearmind's $2.25M Public Offering

Common shares will be adjusted from 18,221,419 to 607,381. Although no fractional common shares will be issued as a result, current fractional shares will be rounded up to the nearest whole common share; plus a proportionate adjustment to the exercise price and the number of common shares issuable upon exercise of all outstanding options or warrants, entitling its holders to purchase common shares.

Following the implementation of the reverse split, the Israeli biotech company's authorized share capital will reportedly remain unchanged (as of the date hereof, unlimited.) 

Nasdaq Delisting Notice

Approved by the company’s shareholders at a recent general meeting, the decision comes as part of Clearmind’s plan for “immediate recompliance” with the Nasdaq minimum bid price rule.

The stock market sent the company a delisting notice, or “staff delisting determination," based on its inability to maintain the minimum bid price of $1.00 per share for thirty consecutive business days. The company had 180 calendar days to regain compliance, beginning May 19  and ending Nov. 13.

Clearmind’s management has stated it plans to appeal Nasdaq staff’s determination to a hearings panel. If decided to follow through, the company would thereafter file Form 25-NSE with the SEC and suspend trading of its securities.

As of Nov. 21, the company's shares are trading in Nasdaq at around $0.12, price consistently dropping from $0.6 by the end of May, 2023.

See Also: This Psychedelics Company Is Undertaking A 1:50 Reverse Stock Split To Enter NASDAQ

Photo: Benzinga edit with photo by Flametric, aiyoshi597, Gisele Yashar, Bacsica and Freedomz on Shutterstock.