Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) has now fulfilled the necessary requirements for continued listing on the Nasdaq stock exchange.
The news follows a 1-for-15 reverse share split of the company’s stock in August and a subsequent drop in MindMed’s share price afterward.
On Wednesday, MindMed announced that it had received a letter from Nasdaq Stock Market LLC informing the company that it had successfully regained compliance with the minimum bid price requisite of US$1.00 per share. Nasdaq has advised the company that the matter is now concluded.
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MindMed says its completion of the reverse share split and ensuing fulfillment of compliance regulations required by Nasdaq will enable the company to potentially accomplish multiple key corporate objectives.
These include the ability to satisfy particular “security eligibility criteria” to be considered for and included in the index of market-wide and healthcare sectors, increased liquidity of common shares with a broadened shareholder base and the potential to improve the company’s presence and overall visibility for investors.
