InMed Regains Nasdaq Compliance, Averting Delisting Threat
INM has more than doubled off its 52-week low of $0.575.
Summary
InMed Pharmaceuticals has formally regained compliance with Nasdaq's minimum bid price rule, having maintained a closing bid price of $1.00 or more for 10 consecutive business days. This announcement, following an 8-K filed earlier today, removes the immediate threat of delisting. The stock's recovery above $1.00 began around May 19th, coinciding with the company's announced all-stock merger with Mentari Therapeutics. Regaining compliance is a positive step for investor confidence and market access, especially for a micro-cap company that previously reported 'going concern' doubt in its May 6th 10-Q.
At the time of this announcement, INM was trading at $1.53 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $5.1M. The 52-week trading range was $0.58 to $5.50. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.