Q BioMed Inc. Provides Update to Shareholders
- None.
- Q BioMed was unable to file complete audited financials for 2022, leading to a downgrade in their OTC listing status.
Due to the capital constraints and costs associated with the audit process the Company was not able to file complete audited financials for 2022. We tried to maintain our listing on the OTC by filing an un-audited annual report for 2022 and Q1 2023 thereby providing as much public disclosure as possible. Unfortunately, this was not sufficient to maintain our OTC listing compliance resulting in being downgraded to the 'Expert Market'. The Expert Market is available only for unsolicited quotes, meaning broker-dealers may use the Expert Market to publish unsolicited quotes representing limit orders from sophisticated retail and institutional investors.
Many microcap biotechs have been under market pressure and QBioMed is one of those that have a capital requirement that is challenging to service given its debt and current lack of resources. The Company is determined to find a solution for the benefit of all our stakeholders and are engaged with consultants and bankers to restructure the Company for funding and relisting or possible M&A with compatible listed entities that may be looking for the type of portfolio assets QBioMed has.
We remain committed to finding a way to unleash shareholder value and will endeavor to update the market at an appropriate time.
About Q BioMed Inc.
Q BioMed Inc. is a biotech acceleration and commercial stage company focused on licensing and acquiring undervalued biomedical assets in the healthcare sector. Q BioMed provides these target assets the strategic resources, developmental support, and expansion capital needed to ensure they meet their developmental potential, enabling them to provide products to patients in need.
Please visit http://www.QBioMed.com and sign up for regular updates.
Investor Relations Contact:
Landon Capital
Keith Pinder
(404) 995-6671
kpinder@landoncapital.net
Forward-Looking Statements:
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under, and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
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SOURCE Q BioMed Inc.
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