Psyence Biomedical Ltd. PBM has efficiently obtained an extension from the Nasdaq Hearings Panel, giving the corporate till December 31, 2024, to fulfill the alternate’s continued itemizing necessities. The choice, reached after a listening to on October 31, permits the corporate to stay listed whereas implementing measures to adjust to Nasdaq’s rigorous benchmarks.
Psyence Biomed offered a complete plan to deal with key necessities, together with the $1 minimal bid value, a $1 million market worth of publicly held shares and $2.5 million in minimal stockholders’ fairness. To assist these efforts, the corporate transitioned from The Nasdaq International Market to The Nasdaq Capital Market as of November 15, 2024.
Strategic Steps Towards Compliance
The corporate can also be enacting a 1-for-75 share consolidation accepted throughout its annual basic assembly on November 12. This consolidation goals to attain compliance with Nasdaq’s $1 minimal bid value rule, a standard hurdle for smaller-cap shares.
“We’re more than happy to have gained alignment with the Nasdaq Hearings Panel on our plan to regain compliance with all relevant itemizing necessities,” said Dr. Neil Maresky, CEO of Psyence Biomed.
Maresky emphasised the essential significance of sustaining the corporate’s Nasdaq itemizing: “Having our shares traded on the Nasdaq alternate is essential to elevating consciousness of our firm amongst healthcare-focused institutional buyers. As soon as these itemizing necessities are glad, we are able to deal with advancing our pipeline of nature-derived psilocybin-based therapeutics as potential remedies for underserved circumstances in psychological well being and dependancy the place extra efficacious choices are urgently wanted.”
The corporate’s technique aligns with its mission to advance psilocybin-based therapeutics concentrating on psychological well being and dependancy, areas with important unmet medical wants.
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