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InMed Receives NASDAQ Delisting Notice, and Confirms it has Filed an Appeal and Obtained a Panel Hearing Date

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InMed Pharmaceuticals Inc. (NASDAQ: INM) has requested a hearing before the Nasdaq Listing Qualifications Panel to appeal the determination by the Nasdaq Staff regarding the company's non-compliance with the minimum bid price requirement of $1.00 for continued listing on the Nasdaq Capital Market. The hearing is scheduled for October 31, 2024.

InMed had previously been granted a 180-day compliance period until September 16, 2024, to regain compliance. The company received a delisting notice on September 17, 2024, indicating it did not meet the requirement by the compliance date. The appeal has stayed any delisting or suspension action pending the Panel's final decision.

The Panel has discretionary authority to grant InMed up to an additional 180 calendar days from September 16, 2024, to regain compliance. However, there is no guarantee of a favorable outcome for the company.

InMed Pharmaceuticals Inc. (NASDAQ: INM) ha richiesto un'udienza davanti al Nasdaq Listing Qualifications Panel per fare appello alla determinazione del personale Nasdaq riguardo alla non conformità rispetto al requisito di prezzo minimo di offerta di $1,00 per il mantenimento della quotazione sul Nasdaq Capital Market. L'udienza è programmata per il 31 ottobre 2024.

InMed era stata precedentemente concessa un periodo di conformità di 180 giorni fino al 16 settembre 2024, per recuperare la conformità. L'azienda ha ricevuto un avviso di delisting il 17 settembre 2024, che indicava che non aveva soddisfatto il requisito entro la data di conformità. L'appello ha sospeso qualsiasi azione di delisting o sospensione in attesa della decisione finale del Panel.

Il Panel ha l'autorità discrezionale di concedere a InMed fino a ulteriori 180 giorni calendariali dal 16 settembre 2024, per riprendere la conformità. Tuttavia, non c'è garanzia di un risultato favorevole per l'azienda.

InMed Pharmaceuticals Inc. (NASDAQ: INM) ha solicitado una audiencia ante el Nasdaq Listing Qualifications Panel para apelarse a la determinación del personal de Nasdaq sobre la no conformidad con el requisito de precio mínimo de oferta de $1.00 para la lista continua en el Nasdaq Capital Market. La audiencia está programada para el 31 de octubre de 2024.

InMed había recibido anteriormente un período de cumplimiento de 180 días hasta el 16 de septiembre de 2024, para recuperar la conformidad. La compañía recibió un aviso de deslisting el 17 de septiembre de 2024, indicando que no cumplió con el requisito antes de la fecha de cumplimiento. La apelación ha suspenso cualquier acción de deslisting o suspensión mientras se espera la decisión final del Panel.

El Panel tiene la autoridad discrecional para otorgar a InMed hasta 180 días calendario adicionales desde el 16 de septiembre de 2024, para recuperar la conformidad. Sin embargo, no hay garantía de un resultado favorable para la compañía.

InMed Pharmaceuticals Inc. (NASDAQ: INM)는 청문회를 요청했습니다 나스닥 상장 자격 패널 앞에서 나스닥 직원의 결정에 항소하기 위해 회사의 최소 입찰가 요건 미달에 대해 $1.00의 나스닥 자본 시장에서 계속 상장하기 위한 것입니다. 청문회는 2024년 10월 31일로 예정되어 있습니다.

InMed는 이전에 2024년 9월 16일까지 180일의 준수 기간을 부여받았습니다. 회사는 준수 날짜까지 요건을 충족하지 못했음을 나타내는 상장폐지 통지서를 2024년 9월 17일에 받았습니다. 항소는 패널의 최종 결정이 있을 때까지 모든 상장 폐지 또는 정지 조치를 연기했습니다.

패널은 InMed에 대해 2024년 9월 16일부터 준수를 회복하기 위해 추가로 최대 180일을 허용할 재량권이 있습니다. 그러나 회사에 대한 유리한 결과의 보장은 없습니다.

InMed Pharmaceuticals Inc. (NASDAQ: INM) a demandé une audience devant le Nasdaq Listing Qualifications Panel pour faire appel de la décision du personnel du Nasdaq concernant la non-conformité au critère de prix d'offre minimum de 1 $ pour le maintien de la cotation sur le Nasdaq Capital Market. L'audience est prévue pour le 31 octobre 2024.

InMed avait auparavant bénéficié d'une période de conformité de 180 jours jusqu'au 16 septembre 2024, pour retrouver la conformité. L'entreprise a reçu un avis de radiation le 17 septembre 2024, indiquant qu'elle n'avait pas rempli les exigences avant la date limite de conformité. L'appel a suspendu toute action de radiation ou de suspension en attendant la décision finale du panel.

Le panel a l'autorité discrétionnaire d'accorder à InMed jusqu'à 180 jours supplémentaires à compter du 16 septembre 2024, pour retrouver la conformité. Cependant, il n'y a aucune garantie d'un résultat favorable pour l'entreprise.

InMed Pharmaceuticals Inc. (NASDAQ: INM) hat eine Anhörung beantragt beim Nasdaq Listing Qualifications Panel, um gegen die Feststellung des Nasdaq-Personals hinsichtlich der Nicht-Einhaltung der Mindestgebotsanforderung von $1,00 für den Fortbestand der Listung am Nasdaq Capital Market Berufung einzulegen. Die Anhörung ist für den 31. Oktober 2024 angesetzt.

InMed wurde zuvor eine 180-tägige Frist zur Einhaltung bis zum 16. September 2024 gewährt. Das Unternehmen erhielt am 17. September 2024 eine Delisting-Notiz, die anzeigte, dass die Anforderungen bis zum Einhaltungsdatum nicht erfüllt wurden. Die Berufung hat eine Aussetzung aller Delisting- oder Suspendierungsmaßnahmen bis zur endgültigen Entscheidung des Panels bewirkt.

Das Panel hat die discretionäre Befugnis, InMed bis zu zusätzliche 180 Kalendertage ab dem 16. September 2024 zu gewähren, um die Einhaltung wiederherzustellen. Es gibt jedoch keine Garantie für ein günstiges Ergebnis für das Unternehmen.

Positive
  • Appeal has temporarily stayed delisting or suspension action
  • Possibility of up to 180 additional days to regain compliance
Negative
  • Received NASDAQ delisting notice due to non-compliance with minimum bid price requirement
  • Failed to meet $1.00 minimum bid price by September 16, 2024 compliance deadline
  • Risk of potential delisting from NASDAQ if appeal is unsuccessful

Insights

InMed Pharmaceuticals' NASDAQ delisting notice is a significant concern for investors. The company's failure to meet the $1 minimum bid price requirement indicates weak market sentiment and potential liquidity issues. While the appeal process provides a temporary reprieve, it's important to note that there's no guarantee of a favorable outcome. The potential 180-day extension, if granted, offers a lifeline but also highlights the urgency for strategic action. Investors should closely monitor the company's plans to regain compliance, which may include a reverse stock split or other corporate actions. This situation underscores the heightened risk profile of InMed and may impact its ability to raise capital or maintain institutional investor interest.

The delisting notice and subsequent appeal process highlight the regulatory challenges facing InMed Pharmaceuticals. The company's timely request for a hearing demonstrates proactive compliance management, but the outcome remains uncertain. The Nasdaq Listing Qualifications Panel has broad discretionary authority, which could result in various scenarios, including additional compliance time or more stringent criteria. Investors should be aware that even if granted an extension, InMed must present a convincing plan to regain and sustain compliance. The potential for suspension or delisting poses significant legal and financial risks, including reduced liquidity and potential breach of debt covenants. This situation emphasizes the importance of robust corporate governance and proactive regulatory compliance strategies in maintaining market listing status.

InMed's delisting notice reflects broader market challenges for small-cap biotech companies. The inability to maintain a $1 share price suggests investor skepticism about the company's prospects or the overall sector. This situation could trigger a negative feedback loop, where delisting concerns further depress the stock price. The outcome of the appeal will be a critical inflection point for InMed's market perception. If successful, it could provide a temporary boost, but the company must address underlying issues to sustain investor confidence. The potential delisting also raises questions about InMed's competitive position in the pharmaceutical industry and its ability to attract partnerships or funding for its drug development pipeline. Investors should closely monitor industry trends and peer performance to contextualize InMed's challenges.

Vancouver, British Columbia--(Newsfile Corp. - September 20, 2024) -   InMed Pharmaceuticals Inc. (NASDAQ: INM) ("InMed" or the "Company"), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today announced that it has timely requested a hearing (the "Hearing") before the Nasdaq Listing Qualifications Panel (the "Panel") to appeal (the "Appeal") the determination by the Listing Qualifications Department (the "Nasdaq Staff") of The Nasdaq Stock Market LLC ("Nasdaq"), and present its plan to regain and sustain compliance with Nasdaq's minimum bid price requirement of at least $1.00 for the continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule"). Nasdaq has notified the Company via electronic mail that the Hearing has been scheduled for October 31, 2024.

As previously announced by the Company on March 20, 2024, the Company had been granted an additional 180-day compliance period, or until September 16, 2024 (the "Compliance Date"), to regain compliance with the Minimum Bid Price Rule. The Nasdaq Staff's determination, which was communicated through a delisting notice (the "Delisting Notice") issued to the Company on September 17, 2024, indicates that the Company did not satisfy the Minimum Bid Price Rule by the Compliance Date.

The Appeal has stayed any delisting or suspension action contemplated by the Delisting Notice (including the filing of a Form 25-NSE) pending the issuance of a final decision by the Panel. The Panel has broad discretionary public interest authority, which includes the discretion to grant the Company up to an additional 180 calendar days from September 16, 2024, to regain compliance. The Panel can also exercise that authority to apply additional or more stringent criteria for the continued listing of the Company's common shares, no par value (the "Common Shares"), or suspend or delist the Common Shares (including through the filing of a Form 25-NSE). Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period or that the outcome of the Hearing or the Appeal (more generally) will be favorable to the Company.

About InMed:

InMed Pharmaceuticals is a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates targeting the CB1/CB2 receptors. InMed's pipeline consists of three drug development programs in the treatment of Alzheimer's, ocular and dermatological indications. Together with our subsidiary BayMedica, we are a global leader in the manufacturing, development and commercialization of products based on rare cannabinoids and their proprietary, small molecule drug analogs. For more information, visit www.inmedpharma.com.

Investor Contact:

Colin Clancy
Vice President, Investor Relations
and Corporate Communications
T: +1 604 416 0999
E: cclancy@inmedpharma.com

Cautionary Note Regarding Forward-Looking Information:

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "potential", "possible", "would" and similar expressions. Such statements, based as they are on current expectations of management, inherently involve numerous risks, uncertainties and assumptions, known and unknown, many of which are beyond our control. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Without limiting the foregoing, forward-looking information in this news release includes, but is not limited to, statements about (x) InMed's ability to regain and maintain compliance with Nasdaq's continued listing requirements, including the Minimum Bid Price Rule, and (y) the potential outcome, results and impact of the Hearing, the Appeal and the Delisting Notice, including the potential suspension of the Company's securities and filing of a Form 25-NSE.

Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, including with respect to InMed's failure to satisfy any applicable Nasdaq listing standards, including compliance with the Minimum Bid Price Rule, and the actual or threatened delisting of InMed's securities by Nasdaq. A complete discussion of the risks and uncertainties facing InMed's stand-alone business is disclosed in InMed's Annual Report on Form 10-K for the year ended June 30, 2023, and other filings made with the Securities and Exchange Commission on www.sec.gov.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/224075

FAQ

Why did InMed Pharmaceuticals (INM) receive a NASDAQ delisting notice?

InMed Pharmaceuticals (INM) received a NASDAQ delisting notice because it failed to comply with the minimum bid price requirement of $1.00 for continued listing on the Nasdaq Capital Market by the September 16, 2024 compliance deadline.

When is InMed Pharmaceuticals' (INM) appeal hearing scheduled?

InMed Pharmaceuticals' (INM) appeal hearing before the Nasdaq Listing Qualifications Panel is scheduled for October 31, 2024.

What happens to InMed Pharmaceuticals' (INM) NASDAQ listing during the appeal process?

During the appeal process, any delisting or suspension action against InMed Pharmaceuticals (INM) is stayed pending the issuance of a final decision by the Nasdaq Listing Qualifications Panel.

How much additional time could InMed Pharmaceuticals (INM) potentially receive to regain compliance?

The Nasdaq Listing Qualifications Panel has the discretion to grant InMed Pharmaceuticals (INM) up to an additional 180 calendar days from September 16, 2024, to regain compliance with the minimum bid price requirement.

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