InMed Sets Nov 4 Vote on Mentari Reverse Merger: 0.97% Ownership, $490M Financing, 1-for-2 to 1-for-20 Reverse Split
INM has more than doubled off its 52-week low of $0.575 on light trading volume (0.1× avg).
Summary
InMed's definitive proxy sets a November 4, 2026 shareholder vote on its reverse merger with Mentari Therapeutics. Existing InMed shareholders will own just 0.97% of the combined company, with a 1-for-2 to 1-for-20 reverse stock split authorized to meet Nasdaq's $4.00 listing requirement.
Key Events · M&A and Partnerships · INM
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Reverse Merger Vote Set for Nov 4
InMed shareholders will vote November 4, 2026 on the reverse merger with Mentari Therapeutics. Record date is September 25, 2026 with 5,493,735 InMed Common Shares outstanding.
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Exchange Ratio Finalized at 2.0065
Each Mentari Common Stock share converts to approximately 2.0065 InMed Common Shares, based on a $125M Mentari equity value and InMed's estimated $(4.4) million net cash at closing.
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Existing Shareholders Diluted to 0.97%
Post-merger ownership: InMed securityholders 0.97%, former Mentari securityholders 25.67%, and Mentari Pre-Closing Financing investors 73.36% on a fully-diluted basis.
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$490M Pre-Closing Financing Confirmed
Mentari's pre-closing financing totals approximately $490 million, including $50 million from convertible notes. Combined Company expected to have ~528 million shares outstanding post-merger.
Analysis · INM · Life Sciences
This definitive proxy statement/prospectus finalizes the terms of InMed's reverse merger with Mentari Therapeutics, a transaction that will leave existing InMed shareholders owning just 0.97% of the combined company on a fully-diluted basis. The filing quantifies the exchange ratio at approximately 2.0065 InMed shares per Mentari share, confirms the Mentari Pre-Closing Financing at approximately $490 million, and sets the shareholder vote for November 4, 2026. The InMed Board has authorized a reverse stock split in the range of 1-for-2 to 1-for-20 to be effected at its discretion without shareholder approval, which is required to meet Nasdaq's $4.00 minimum bid price initial listing requirement. InMed's estimated net cash at closing has deteriorated to approximately $(4.4) million, below the $(3.4) million threshold that would trigger a downward adjustment to InMed's ownership percentage. If the merger fails to close, InMed faces limited ability to continue operations without additional financing, and the Board may pursue liquidation or dissolution. The filing also discloses that InMed received a Nasdaq delisting notice on September 18, 2026 for failing to maintain the $2.5 million minimum shareholders' equity requirement, which the merger is expected to cure.
How filings like this one have moved
In the 30 days to Oct 15, 2026, 46% of the 298 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, INM was trading at $1.35 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $7.4M. The 52-week trading range was $0.58 to $2.50. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.