InMed Pharmaceuticals Faces Delisting Notice

TL;DR

InMed Pharmaceuticals got a notice about possibly getting delisted. Big trouble for the stock.

AI Summary

InMed Pharmaceuticals Inc. filed an 8-K on November 1, 2024, to report a notice of delisting or failure to satisfy a continued listing rule. The company is based in Vancouver, British Columbia, and its principal executive offices are located at 1445, 885 West Georgia St. The filing also includes Regulation FD disclosures and financial statements.

Why It Matters

This filing indicates potential delisting from a stock exchange, which could significantly impact the liquidity and trading of InMed Pharmaceuticals' stock.

Risk Assessment

Risk Level: high — A notice of delisting or failure to meet listing standards poses a significant risk to the company's stock trading and overall financial health.

Key Players & Entities

• InMed Pharmaceuticals Inc. (company) — Filer of the 8-K report
• November 1, 2024 (date) — Earliest event reported date
• Vancouver, British Columbia (location) — Company's place of incorporation and principal executive offices
• 1445, 885 West Georgia St. (address) — Principal executive offices address

FAQ

Key Financial Figures

• $1.00 b — the Company did not satisfy the minimum $1.00 bid price per share requirement for the c

Filing Documents

• ea0220029-8k_inmed.htm (8-K) — 29KB
• ea022002901ex99-1_inmed.htm (EX-99.1) — 14KB
• ex99-1_001.jpg (GRAPHIC) — 5KB
• 0001213900-24-094349.txt ( ) — 265KB
• inm-20241101.xsd (EX-101.SCH) — 3KB
• inm-20241101_def.xml (EX-101.DEF) — 26KB
• inm-20241101_lab.xml (EX-101.LAB) — 35KB
• inm-20241101_pre.xml (EX-101.PRE) — 24KB
• ea0220029-8k_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, on September 17, 2024, the Listing Qualifications Department (the "Nasdaq Staff") of the Nasdaq Stock Market ("Nasdaq") 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 $1.00 bid price per share requirement for the continued listing on Nasdaq, as set forth in Nasdaq Listing Rule 5550(a)(2) (the "Minimum Bid Price Rule") by September 16, 2024. The Company subsequently timely requested a hearing (the "Hearing") before the Nasdaq Listing Qualifications Panel (the "Panel") to appeal the determination by the Nasdaq Staff, and present its plan to regain and sustain compliance with the Minimum Bid Price Rule. On October 31, 2024, the Hearing was held before the Panel regarding the Company's request for (i) continued listing on Nasdaq and (ii) additional time to regain compliance with the Minimum Bid Price Rule. During the Hearing, the Company presented an overview of its current and ongoing strategic initiatives aimed at enhancing shareholder value and regaining compliance with the Minimum Bid Price Rule. On November 1, 2024, the Panel issued its determination (the "Panel Determination Letter") to the Company, granting the Company's request for the continued listing of the Company's common shares, no par value, on Nasdaq, but subject to the Company's evidencing compliance with the Minimum Bid Price Rule for ten consecutive trading days as of December 2, 2024 (the "Requisite Compliance Date"), and of other conditions stipulated by the Panel Determination Letter. The Company's Board of Directors approved a reverse stock split proposal on October 29, 2024, and the Company is working diligently and taking definitive steps to consummate such r

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On November 5, 2024, the Company issued a press release (the "Press Release") announcing that it had received the Panel Determination Letter. 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 November 5, 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: November 5, 2024 By: /s/ Eric A Adams Eric A. Adams President & CEO 2

View Full Filing

View this 8-K filing on SEC EDGAR