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.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Mind Medicine Sees CEO Sell $24.7 Million In Company Stock

It appears that uplisting to the Nasdaq is good for business. Or, at least for...

Wednesday, May 26, 2021, 10:14:37 AM

Mind Medicine To Raise Up To $100 Million Via ATM Financing

Mind Medicine (NEO: MMED) last night announced that it will be conducting a financing. The...

Tuesday, May 17, 2022, 04:59:05 PM

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

MindMed Presents Positive Data Studying LSD In Treating Anxiety Disorders

Mind Medicine Inc. (NEO: MMED), more commonly known as MindMed, announced today that its top...

Wednesday, May 11, 2022, 10:27:55 AM

MindMed Starts Clinical Trial For Intravenous DMT

Mind Medicine Inc. (NEO: MMED), more commonly known as MindMed, announced today the start of...

Wednesday, July 28, 2021, 10:22:00 AM