InMed Pharmaceuticals Faces Delisting Concerns

TL;DR

InMed Pharmaceuticals might get kicked off Nasdaq.

AI Summary

InMed Pharmaceuticals Inc. filed an 8-K on September 20, 2024, reporting a notice of delisting or failure to satisfy a continued listing rule or standard. The filing indicates potential issues with meeting Nasdaq's continued listing requirements, which could lead to a transfer of listing or delisting from the exchange. The company is based in Vancouver, British Columbia.

Why It Matters

This filing signals potential financial distress or non-compliance with exchange rules, which could significantly impact the company's stock liquidity and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards is a severe indicator of potential financial instability or significant operational issues.

Key Players & Entities

• InMed Pharmaceuticals Inc. (company) — Filer of the 8-K report
• Nasdaq (company) — Exchange where InMed Pharmaceuticals is listed and potentially facing delisting
• September 17, 2024 (date) — Earliest event date reported in the 8-K
• September 20, 2024 (date) — Date the 8-K was filed

FAQ

Key Financial Figures

• $1.00 b — sted Shares") no longer met the minimum $1.00 bid price per share requirement for the c

Filing Documents

• ea0215298-8k_inmed.htm (8-K) — 30KB
• ea021529801ex99-1_inmed.htm (EX-99.1) — 13KB
• ex99-1_001.jpg (GRAPHIC) — 5KB
• 0001213900-24-080662.txt ( ) — 226KB
• inm-20240917.xsd (EX-101.SCH) — 3KB
• inm-20240917_lab.xml (EX-101.LAB) — 33KB
• inm-20240917_pre.xml (EX-101.PRE) — 22KB
• ea0215298-8k_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"). On March 19, 2024, the Company received written notification from the Listing Qualifications Department of Nasdaq (the "Nasdaq Staff") that the Company had 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. On September 17, 2024, the Nasdaq Staff issued a determination to the Company, which was communicated through a delisting notice (the "Delisting Notice"), indicating that the Company did not satisfy the Minimum Bid Price Rule by the Extended Compliance Date. The Company subsequently timely requested a hearing (the "Hearing") before the Nasdaq Listing Qualifications Panel (the "Panel") to appeal (the "Appeal") the determination by the Nasdaq Staff, and present its plan to regain and sustain compliance with the Minimum Bid Price Rule. The Nasdaq Staff notified the Company via electronic mail that the Hearing has been scheduled for October 31, 2024 (the "Panel Hearing Date"). The Appeal has stayed any delisting or suspension action of the Listed Shares 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 addi

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On September 20, 2024, the Company issued a press release announcing that it (i) had received the Delisting Notice, (ii) has timely filed the Appeal and (iii) has obtained the Panel Hearing Date. 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 September 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: September 20, 2024 By: /s/ Eric A Adams Eric A. Adams President & CEO 2

View Full Filing

View this 8-K filing on SEC EDGAR