Mindmed Completes 15-To-1 Reverse Split To Maintain Nasdaq Compliance

Mind Medicine (NEO: MMED) might be slightly more volatile over the next few sessions. The psychedelic firm late on Friday announced that it has completed its previously announced reverse split, significantly reducing the amount of outstanding common shares for the firm.

With the completion of the reverse split, which was conducted on a one for fifteen basis, an estimated 28.4 million shares are outstanding. The figure marks a significant reduction from the prior 426.7 million shares that were outstanding as of June 30, 2022.

The reverse split was conducted by the company as a means of maintaining listing requirements on the Nasdaq, which require that a company maintain a minimum bid price of $1.00 per share. The firm also indicated it was conducted for “greater flexibility in considering and planning for future potential business needs.”

The share consolidation follows the firm formally beginning its phase 2B study on treating generalized anxiety disorder with a variant of LSD.

Mind Medicine last traded at $1.02 on the Neo.


Information for this briefing was found via Edgar and MindMed. 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.

Video Articles

New Found Gold: The Strategic Maritime Resources Purchase

Amex Exploration: Revised Perron PEA Has INSANE Economics

Aris Mining: The Multi Billion Dollar Soto Norte PFS

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Mind Medicine Sees Final Co-Founder Leave The Company

Mind Medicine (NEO: MMED) appears to now be fully under new management. On Friday evening,...

Sunday, January 9, 2022, 03:07:00 PM

MindMed Concludes Phase 1 Clinical Trial Of Psychedelic Derivative Drug For Opioid Use Disorder

Mind Medicine Inc. (NEO: MMED), more commonly known as MindMed, has recently concluded the phase...

Tuesday, January 4, 2022, 10:29:00 AM

Mind Medicine CFO Quits Ahead Of Release Of 2021 Financial Results

It’s always a positive sign when a chief financial officer resigns the last business day...

Monday, March 28, 2022, 06:45:00 AM

Psychedelics & The Need For Digital Therapeutic Solutions In Treating Mental Health

In terms of investment dollar inflows, one of the largest focuses of 2020 has arguably...

Sunday, November 1, 2020, 09:00:00 AM

Mind Medicine Boasts Current Cash Position Of US$161 Million

Mind Medicine (NEO: MMED) this morning released its fiscal year 2020 financial results. Given that...

Tuesday, March 30, 2021, 08:19:57 AM