Biotech company Clearmind Medicine has announced receipt of a Staff Delisting Determination from the Listing Qualifications Department of the Nasdaq.
Clearmind has been notified that Nasdaq has determined to delist the company’s securities from the Nasdaq Capital Market for failure to maintain a minimum bid price of $1.00 per share for thirty consecutive business days.
This requirement is in accordance with Nasdaq Listing Rule 5550(a)(2).
Clearmind now plans to appeal the Staff’s determination to a Hearings Panel. A hearing request will stay the suspension of the company’s securities and the filing of the Form 25-NSE pending the Panel’s decision.
As part of the plan to regain compliance with the Minimum Bid Price Rule, the company has stated It intends to conduct a reverse stock split as soon as reasonably practicable, subject to applicable law and Nasdaq rules.
On 14 November, the company’s shareholders approved a reverse stock split, which Clearmind has said it expects will be made effective imminently.
Clearmind’s Chief Executive Officer Dr. Adi Zuloff-Shani, stated: “The company’s shareholders have already approved a reverse stock split, which is expected within the next few weeks, as part of our plan to regain compliance with the Minimum Bid Price Rule.
“We are looking forward to updating our shareholders regarding the Company’s compliance with the Minimum Bid Price Rule soon.”
