NEW YORK, Dec. 23, 2024 (GLOBE NEWSWIRE) — Psyence Biomedical Ltd. (Nasdaq: PBM) (“Psyence Biomed” or the “Company”) today announced that it has received notice from the Nasdaq Hearings panel that the Company has regained compliance with all applicable Nasdaq continued listing requirements.
As previously announced, Psyence Biomed requested to be transferred from The Nasdaq Global Market to The Nasdaq Capital Market, effective November 15, 2024. As a result of this transfer, the Company regained compliance with listing rules 5550(a)(5), the $1.0 million minimum market value of publicly held shares requirement, and 5550(b)(1), the $2.5 million minimum stockholders’ equity requirement.
Additionally, the Company obtained shareholder approval during its Annual General Meeting on November 12, 2024 to effect a 75-for-1 share consolidation. This share consolidation, which went into effect on November 26, 2024, was intended to address Nasdaq’s listing rule 5550(a)(2), the $1 minimum bid price requirement. As the Company’s shares have traded above $1 for the subsequent 18 trading days following the share consolidation, the minimum bid price requirement has been formally satisfied.
“We are grateful to the Nasdaq Hearings Panel for allowing us the opportunity to demonstrate compliance with all Nasdaq continued listing rules, and we are pleased to have achieved this goal,” stated Dr. Neil Maresky, M.B., B.Ch., Chief Executive Officer of Psyence Biomed. “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 trial, for which patient screening has commenced.”
