Mind Medicine (NEO: MMED) might be slightly more volatile over the next few sessions. The psychedelic firm late on Friday announced that it has completed its previously announced reverse split, significantly reducing the amount of outstanding common shares for the firm.
With the completion of the reverse split, which was conducted on a one for fifteen basis, an estimated 28.4 million shares are outstanding. The figure marks a significant reduction from the prior 426.7 million shares that were outstanding as of June 30, 2022.
The reverse split was conducted by the company as a means of maintaining listing requirements on the Nasdaq, which require that a company maintain a minimum bid price of $1.00 per share. The firm also indicated it was conducted for “greater flexibility in considering and planning for future potential business needs.”
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The share consolidation follows the firm formally beginning its phase 2B study on treating generalized anxiety disorder with a variant of LSD.
Mind Medicine last traded at $1.02 on the Neo.
Information for this briefing was found via Edgar and MindMed. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
