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As of today, psychedelics biotech Mind Medicine (MindMed) Inc. MNMD will trade its common shares based on a 1-for-15 reverse share split, the company announced on Friday.
The company executed the split on its outstanding Nasdaq and Neo Exchange shares at market open on Monday. Trading symbols won’t change, being “MNMD” on the Nasdaq and “MMED” on the NEO.
So Why The Split?
The clinical-stage biotech company developing psychedelic medicine for mental health conditions has been hitting headlines lately, mostly after Jake Freeman bought enough company stocks to become MindMed’s second-largest institutional shareholder.
With the new reverse share split, MindMed intends to perform key corporate goals. Just last week, the company announced its LSD clinical trial would commence. The split also offers a greater flexibility towards considering and planning potential business needs and addressing the Nasdaq’s minimum bid price requirement.
More Deets On The Split
Listed warrants will keep trading “MMED WA”, “MMED WR” or “MMED WS” as applicable on the NEO, and will be adjusted on the basis of the reverse share split and the terms of their respective indentures and certificates.
Shareholders owning shares through a bank, broker or other nominee will see their positions automatically tuned following the split, while shareholders holding physical share certificates will be sent a letter of transmittal providing instructions for exchanging those certificates for share certificates or direct registration advice representing the post-split number of shares.
Photo courtesy of Pexels.
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Image and article originally from www.benzinga.com. Read the original article here.