InMed Submits Form 12b-25
InMed Pharmaceuticals, a leader in cannabinoid research, has submitted a Form 12b-25 to the SEC regarding delays in filing its financial statements for the period ended December 31, 2022. The delay stems from a change in auditors. The company expects to complete the necessary filings within the five-day extension period. Additionally, InMed has applied for a temporary management cease trade order (MCTO) in British Columbia to prohibit trading by its CEO and CFO until disclosures are filed. The MCTO, if approved, will allow public trading to continue.
- The company is actively addressing its filing obligations with the SEC.
- InMed intends to remedy its disclosure default promptly by filing within the extension period.
- Delay in filing financial statements could raise shareholder concerns.
- The application for a temporary MCTO indicates potential regulatory compliance issues.
VANCOUVER, British Columbia, Feb. 09, 2023 (GLOBE NEWSWIRE) -- InMed Pharmaceuticals Inc. (“InMed” or the “Company”) (Nasdaq: INM), a leader in the pharmaceutical research, development and manufacturing of rare cannabinoids and cannabinoid analogs, today announces it has submitted a Form 12b-25 with the U.S. Securities and Exchange Commission (the “SEC”) in connection with its Quarterly Report on Form 10-Q for the period ended December 31, 2022 (the “Form 10-Q”).
Due to the recent change in the Company’s auditors as previously announced on December 12, 2022 and a subsequent delay in the client acceptance process, the Company will be unable to file its financial statements for the three and six months ended December 31, 2022 in a timely manner. The Company intends to file a complete version of the Form 10-Q with the SEC, together with its corresponding quarterly filings in Canada (the “Required Filings”) within the five-day extension period afforded by Rule 12b-25 under the Securities Exchange Act of 1934, as amended.
Canadian Disclosure Requirements
Additionally, the Company made an application to the British Columbia Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Company by the Chief Executive Officer and Chief Financial Officer of the Company until such time as the Required Filings and all continuous disclosure requirements have been filed by the Company, and the MCTO has been lifted. During the period in which the MCTO is effective, the general public, who are not insiders of the Company, will continue to be able to trade in the Company’s listed securities. The MCTO application has been made but there is no guarantee or assurance that the MCTO will be granted. The Company anticipates that it will be in a position to remedy the default by filing the Required Filings on or about February 20, 2022. The MCTO will be in effect until the Required Filings are filed. The Company intends to satisfy the provisions of the alternative information guidelines set out in sections 9 and 10 of NP 12-203 so long as the Required Filings are outstanding.
About InMed:
InMed Pharmaceuticals is a global leader in the research, development and manufacturing of rare cannabinoids, including clinical and preclinical programs targeting the treatment of diseases with high unmet medical needs. We also have significant know-how in developing proprietary manufacturing approaches to produce cannabinoids for various market sectors. 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 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. Forward-looking information in this news release includes statements about: the granting of the MCTO, the filing of Required Filings and the Company’s ability to meet the requirements of NP 12-203; being a global leader in the manufacturing and development of rare cannabinoids and delivering new treatment alternatives to patients that may benefit from cannabinoid-based pharmaceutical drugs.
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.
FAQ
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