Clearmind Medicine Inc. Regains Nasdaq Compliance with Enhanced Bid Price Stability

LOS ANGELES- Clearmind Medicine Inc. has recently achieved a significant financial milestone. The biotech company, known for its innovative approach in developing psychedelic-derived therapeutics, announced its regained compliance with Nasdaq’s minimum bid price requirement. This development marks a pivotal moment for the company, reflecting its growing stability and confidence in the financial markets.

On December 12, 2023, Clearmind received formal notification from The Nasdaq Stock Market LLC indicating that it had successfully met the necessary conditions for continued listing. The Nasdaq Listing Rule 5550(a)(2) mandates a minimum bid price of $1.00 per share for listed companies, a benchmark that Clearmind has now consistently met. Over the preceding 10 business days, the company’s common shares maintained a closing bid price at or above this threshold, signaling a positive shift in investor confidence and market valuation.

This achievement led to the cancellation of a scheduled hearing with the Nasdaq Listing Qualifications Hearings Panel, initially requested by Clearmind to address the suspension risk of its securities from Nasdaq. With this compliance issue resolved, Clearmind has fortified its position on Nasdaq, ensuring the continued trading of its common shares and adherence to all applicable listing standards.

Clearmind’s focus on psychedelic pharmaceutical research positions it at the forefront of a burgeoning field. The company aims to address a range of underserved health issues, with a particular emphasis on alcohol use disorder. Its commitment to innovation is further underscored by its robust intellectual property portfolio, comprising fourteen patent families. The company’s proactive strategy in patent acquisition and its openness to expanding its intellectual property assets underscore its long-term vision for growth and market leadership.

With shares actively traded on Nasdaq, the Canadian Securities Exchange, and the Frankfurt Stock Exchange, Clearmind continues to demonstrate its resilience and potential in the dynamic biotech industry. This latest accomplishment not only represents a compliance success but also signifies the company’s enduring commitment to growth, innovation, and shareholder value.