InMed receives Nasdaq notice over equity requirement

Vancouver - InMed Pharmaceuticals Inc. (NASDAQ:INM) has been notified by Nasdaq that its shareholders' equity of $1,075,007 is below the minimum $2,500,000 requirement for maintaining its listing on The Nasdaq Capital Market, according to a press release. The deficiency is due to transaction-related expenses resulting from the company's planned merger with Mentari Therapeutics, Inc. announced on May 19, 2026.

The company's shareholders' equity figure was disclosed in its Annual Report on Form 10-K for the fiscal year ending June 30, 2026. Expenses related to winding down its wholly-owned subsidiary, BayMedica, LLC, increased general and administrative expenses, impairment charges, and ongoing operating losses have contributed to the equity drop.

Investors can access detailed metrics and analysis for InMed through InvestingPro, which provides balance sheet data, cash flow analysis, and expert insights for evaluating distressed pharmaceutical companies undergoing corporate transitions. Following the merger completion, InMed anticipates receiving aggregate gross proceeds of approximately $490 million from Mentari’s pre-closing financing, including $50 million from convertible notes and accrued interest.

The company has been given 45 calendar days to submit a compliance plan, with the possibility of a 180-day extension if accepted. Closing share price today is up approximately $0.68, or 99.8%, compared to the closing price prior to the merger announcement. The merger is expected to close in the fourth quarter of 2026, pending shareholder approval and other conditions.

If InMed fails to demonstrate compliance, Nasdaq may issue a delisting notice, and the company may appeal the decision to a Nasdaq Hearings Panel.