A reverse share split ratio of 1-for-15 has been authorized by the Board of MindMed Inc. (NASDAQ: MNMD), (NEO: MMED), a clinical-stage biopharmaceutical business developing innovative therapeutics to address brain health conditions. 28.4 million new ordinary shares will be issued and outstanding after the reverse share split1. MNMD and MMED will continue to trade on the Nasdaq and the Neo Exchange Inc. using the symbols “MNMD” and “MMED,” however, the common shares will be given a new CUSIP number. Following the reverse share split, the listed warrants will continue to trade on Neo Exchange Inc. under the symbols “MMED.WA,” “MMED.WR,” and “MMED.WS,” as appropriate. According to the conditions of their indentures and certificates, the stated warrants will be amended to reflect the reverse share split. As a result of the reverse share split, all existing options, restricted shares, performance shares, and deferred shares will be recalculated in line with the provisions of their plans. By reversing its share structure, the company hopes to meet a number of its strategic goals better and meet the Nasdaq minimum bid price criteria while also giving itself more flexibility in the future. No fractional shares of common stock will be issued due to the reverse share split in line with the British Columbia Business Corporations Act. All remaining fractional common shares that are less than half of a common share will be canceled, and all remaining fractional common shares that are at least half of a common share will be converted into one common share. On August 29, 2022, Nasdaq and the Neo Exchange Inc. will begin trading on a split-adjusted basis upon completion of all requisite regulatory evaluations and clearances, with trading set to commence on a split-adjusted basis at market open.
Mind Medicine Stock (MNMD) is a stock that aims to develop mental health software and artificial intelligence to diagnose mental illnesses such as depression and anxiety.
Mind Medicine is at a very early stage of development, and there is no public beta version of its product yet. However, it has received a lot of attention from investors, and there is a high probability it will get picked up by a larger company shortly.