InMed Pharmaceuticals Announces Share Consolidation
Vancouver, British Columbia–(Newsfile Corp. – November 8, 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, has recently made a significant announcement. The Company has decided, pursuant to a directors’ resolution, to consolidate all of its issued and outstanding share capital.
The consolidation will be carried out on the basis of one (1) post‐consolidation share for each twenty (20) pre‐consolidation common shares, no par value, of the Company (the “Common Shares”). This move is aimed at regaining compliance with all of Nasdaq’s continued listing requirements.
As a result of the consolidation, the number of issued and outstanding Common Shares will be reduced from 14,361,550 to approximately 718,078 Common Shares on a non-diluted basis. Importantly, each shareholder will continue to hold the same percentage of Common Shares immediately after the consolidation as they did prior to it.
What Does This Mean for You?
Following the share consolidation, individual shareholders like you will see a reduction in the total number of shares you own. However, the percentage of ownership in InMed Pharmaceuticals that you hold will remain unchanged. This consolidation is primarily a strategic move aimed at meeting Nasdaq’s listing requirements, and should not have a direct impact on your overall investment in the company.
Global Implications
In the wider world of pharmaceuticals and investment, InMed’s share consolidation may be seen as a proactive step towards ensuring compliance and demonstrating financial stability. By streamlining their share structure, the company is positioning itself for potential growth and improved market standing.
Conclusion
Overall, InMed Pharmaceuticals’ decision to consolidate its shares reflects a commitment to meeting regulatory standards and optimizing its corporate structure. While this move may lead to a reduction in total shares outstanding, it is ultimately a strategic decision that aims to benefit the company in the long run.
