Psyence Biomedical Regains Nasdaq Compliance

LOS ANGELES- Psyence Biomedical Ltd. (Nasdaq: PBM) has regained compliance with all Nasdaq continued listing requirements, as confirmed by the Nasdaq Hearings Panel.

The company had previously requested a transfer from The Nasdaq Global Market to The Nasdaq Capital Market, effective November 15, 2024. This strategic move enabled Psyence Biomedical to meet specific listing criteria, including the $1 million minimum market value of publicly held shares and the $2.5 million minimum stockholders’ equity requirement.

Additionally, during its Annual General Meeting on November 12, 2024, shareholders approved a 75-for-1 share consolidation, which took effect on November 26, 2024. This consolidation was implemented to satisfy Nasdaq’s $1 minimum bid price requirement. Following the consolidation, the company’s shares traded above $1 for 18 consecutive trading days, thereby fulfilling the minimum bid price criterion.

Dr. Neil Maresky, Chief Executive Officer of Psyence Biomedical, expressed gratitude towards the Nasdaq Hearings Panel for the opportunity to demonstrate compliance. He stated that, with Nasdaq compliance, a debt-free balance sheet, and a cash position of $5.6 million, the company is well-positioned to execute its business plan and clinical trials, for which patient screening has commenced.

Psyence Biomedical focuses on developing nature-derived psilocybin-based psychedelic medicines, aiming to address unmet needs in mental health disorders within palliative care.