Nasdaq Issues Delisting Warning to InMed Pharmaceuticals Over Sub-$1 Share Price
INM is trading near its 52-week low of $0.593 (2.9% above the low) on light trading volume (0.2× avg).
Summary
InMed Pharmaceuticals has received a notice from Nasdaq indicating that its common shares failed to meet the $1.00 minimum bid price requirement for 30 consecutive trading days. This development is highly material, as it places the company at risk of delisting from the Nasdaq Capital Market. This compliance issue compounds existing concerns, following the company's recent disclosure of substantial doubt about its ability to continue as a going concern and a recent S-3 filing to raise up to $50 million. While InMed has 180 days to regain compliance, the stock is trading near its 52-week low, making the path to recovery challenging. Traders will closely monitor the company's strategies to address this, potentially including a reverse stock split, and its ability to secure necessary financing.
At the time of this announcement, INM was trading at $0.61 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $1.8M. The 52-week trading range was $0.59 to $7.98. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.