Inmed pharmaceuticals announces decision by nasdaq hearings panel to grant exception to implement share consolidation to satisfy nasdaq listing rules

Vancouver, british columbia--(newsfile corp. - november 5, 2024) - inmed pharmaceuticals inc. (nasdaq: inm) ("inmed" or the "company"), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today announced the decision by the nasdaq listing qualifications panel (the "panel") to grant an exception until december 2, 2024, to implement a share consolidation to satisfy the nasdaq listing rules. as previously reported by inmed 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.
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