InMed Pharmaceuticals Inc. (TSX: IN) announced today that it has provided written notice to the Toronto Stock Exchange of its voluntary delisting from the Canadian big board. The company, however, will remain trading on Nasdaq under the symbol “INM”.
The company reported that the reason for delisting is chiefly the expense and administrative efforts in maintaining both market listings can no longer be justified. InMed Pharmaceuticals plans to redirect the savings coming from delisting at TSX into scientific programs and further advancing its business.
Since listing on the Nasdaq in November 2020, InMed Pharmaceuticals has seen activity on the US big board grow to 86% of its total trading volume, thereby leaving little justification to remain on the TSX. Following the delisting, the company’s Canadian shareholders will now trade through their brokers on the Nasdaq stock exchange.
The company expects to delist its common shares from the TSX on May 7, 2021.
InMed Pharmaceuticals Inc. last traded at $4.38 on the TSX.
Information for this briefing was found via Sedar and InMed Pharmaceuticals. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.