InMed Sets 1-for-10 Reverse Split Ahead of Mentari Merger Vote
INM has more than doubled off its 52-week low of $0.575.
Summary
InMed will consolidate its shares 1-for-10, cutting issued and outstanding stock from 5,493,735 to roughly 549,374, contingent on shareholders approving the Nasdaq share issuance, return of capital and redomiciliation proposals at the November 4, 2026 meeting. The board approved the split without a separate shareholder vote, but the company won't proceed unless all three proposals pass. Post-split trading is expected to start November 5, 2026 under a new CUSIP. This is the mechanical step needed to satisfy Nasdaq listing requirements for the reverse merger with Mentari Therapeutics, where existing InMed holders will own just 1.01% of the combined company. The split itself doesn't change ownership percentages, but it follows a September Nasdaq delisting notice for failing the $2.5M shareholders' equity test and a going concern warning with $2.2M of cash. Watch the November 4 vote — failure of any proposal kills both the split and the merger.
At the time of this announcement, INM was trading at $1.63 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $9M. The 52-week trading range was $0.58 to $2.33. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: TMX Newsfile.