InMed Pharmaceuticals Faces Delisting Concerns
Ticker: INM · Form: 8-K · Filed: Mar 20, 2024 · CIK: 1728328
| Field | Detail |
|---|---|
| Company | Inmed Pharmaceuticals INC. (INM) |
| Form Type | 8-K |
| Filed Date | Mar 20, 2024 |
| Risk Level | high |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $1.00 b, $1.00 |
| Sentiment | bearish |
Sentiment: bearish
Topics: delisting, listing-standards, regulatory
TL;DR
InMed Pharmaceuticals might get delisted, filing an 8-K on 3/19/24.
AI Summary
InMed Pharmaceuticals Inc. filed an 8-K on March 19, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company is also disclosing information under Regulation FD and filing financial statements and exhibits. The exact reasons for the potential delisting and the details of the financial statements are not specified in this excerpt.
Why It Matters
This filing indicates potential issues with InMed Pharmaceuticals' continued listing on an exchange, which could significantly impact its stock trading and investor confidence.
Risk Assessment
Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's operations and stock value.
Key Players & Entities
- InMed Pharmaceuticals Inc. (company) — Filer of the 8-K report
- March 19, 2024 (date) — Date of the earliest event reported
- 001-39685 (other) — Commission File Number
FAQ
What specific listing rule or standard has InMed Pharmaceuticals Inc. failed to satisfy?
The provided excerpt does not specify the exact listing rule or standard that InMed Pharmaceuticals Inc. has failed to satisfy.
What is the exact date of the notice of delisting or failure to satisfy a continued listing rule?
The date of the earliest event reported, which includes the notice of delisting or failure to satisfy a continued listing rule, is March 19, 2024.
Which stock exchange is InMed Pharmaceuticals Inc. potentially being delisted from?
The specific stock exchange from which InMed Pharmaceuticals Inc. may be delisted is not mentioned in this excerpt.
What are the key details of the financial statements and exhibits filed with this 8-K?
The excerpt states that financial statements and exhibits are being filed, but it does not provide any specific details about their content.
What is the company's principal executive office address?
The company's principal executive office is located at Suite 310 - 815 W. Hastings Street, Vancouver, B.C., Canada, V6C 1B4.
Filing Stats: 967 words · 4 min read · ~3 pages · Grade level 11.4 · Accepted 2024-03-20 13:44:06
Key Financial Figures
- $1.00 b — sted Shares") no longer met the minimum $1.00 bid price per share requirement for the c
- $1.00 — price of the Listed Shares is at least $1.00 per share for a minimum of 10 consecuti
Filing Documents
- ea0202208-8k_inmed.htm (8-K) — 29KB
- ea020220801ex99-1_inmed.htm (EX-99.1) — 12KB
- ex99-1_001.jpg (GRAPHIC) — 5KB
- 0001213900-24-024305.txt ( ) — 226KB
- inm-20240319.xsd (EX-101.SCH) — 3KB
- inm-20240319_lab.xml (EX-101.LAB) — 33KB
- inm-20240319_pre.xml (EX-101.PRE) — 22KB
- ea0202208-8k_inmed_htm.xml (XML) — 4KB
01. Notice of Delisting or Failure to Satisfy a Continued
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. As previously reported by InMed Pharmaceuticals Inc. (the "Company") on its Current Report on Form 8-K, the Company received a notification letter, dated September 19, 2023, from the Nasdaq Stock Market, LLC ("Nasdaq"), indicating that, based on the previous 30 consecutive business days, the Company's listed shares (the "Listed Shares") no longer met the minimum $1.00 bid price per share requirement for the continued listing on the Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule"). Therefore, in accordance with the Nasdaq Listing Rules, the Company was provided 180 calendar days, or until March 18, 2024, to regain compliance with such requirement. On March 19, 2024, the Company received written notification (the "Current Notification") from the Listing Qualifications Department of Nasdaq that the Company has been granted an additional 180-day compliance period, or until September 16, 2024 (the "Extended Compliance Period"), to regain compliance with the Minimum Bid Price Rule. Nasdaq's determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the bid price requirement, and the Company's written notice of its intention to consider all available options to regain compliance during the Extended Compliance Period, including, if necessary, effecting a reverse stock split. If at any time prior to September 16, 2024, the closing bid price of the Listed Shares is at least $1.00 per share for a minimum of 10 consecutive business days, the Company will regain compliance with the Minimum Bid Price Rule and this matter will be closed. If the Company does not regain compliance with the Minimum Bid Price Rule during the Extended Compliance Period
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On March 20, 2024, the Company issued a press release announcing its receipt of the 180-day extension from Nasdaq to regain compliance with the Minimum Bid Price Rule. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information set forth in this Item 7.01, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information set forth in this Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits: The following exhibits shall be deemed to be furnished, and not filed: Exhibit No. Description 99.1 News release, dated March 20, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document and included as Exhibit 101) 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INMED PHARMACEUTICALS INC. Date: March 20, 2024 By: /s/ Eric A Adams Eric A. Adams President & CEO 2