Here's Why InMed Pharmaceuticals Shares Are Getting Hammered Today

InMed Pharmaceuticals Inc INM shares are trading lower by 22.88% to $0.27 during Wednesday's trading session after the company announced a 1:25 share consolidation to meet Nasdaq listing criteria.

What Else?

InMed Pharmaceuticals says the consolidation will result in the number of issued and outstanding common shares of the company being reduced from 18,014,937 to approximately 720,597 common shares on a non-diluted basis and each shareholder will hold the same percentage of common shares outstanding immediately after the consolidation as such shareholder held immediately prior to the consolidation.

InMed Pharmaceuticals says the company's common shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market commencing at the market open, September 7th.

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According to data from Benzinga Pro, InMed Pharmaceuticals has a 52-week high of $2.59 and a 52-week low of $0.26.