Trading of Consolidated Shares on TSX Expected to Begin on July 3rd, 2020
InMed Pharmaceuticals Inc. ("InMed" or the "Company") (TSX:IN) (OTCQX:IMLFF), a clinical-stage pharmaceutical company developing medications targeting diseases with high unmet medical need and leading the way in the clinical development of cannabinol ("CBN"), is pleased to announce, further to its press release dated June 19th, 2020, that in conjunction with its application to list its common shares on the Nasdaq Stock Market ("Nasdaq"), the Company has completed the consolidation of its issued and outstanding common shares on the basis of thirty-three (33) pre-consolidation common shares for one (1) post-consolidation common share (the "Consolidation").
Subject to the approval of the Toronto Stock Exchange ("TSX"), the Company's common shares are expected to commence trading on a post-consolidated basis on the TSX (ticker symbol: IN) on July 3rd, 2020 and, due to the observation on July 3, 2020 of the US Independence Day, trading on the OTCQX Best Market (ticker symbol: IMLFF) beginning July 6th, 2020 under the same trading symbols and with new CUSIP number 457637502 and ISIN number CA4576375022.
The Consolidation will result in the number of issued and outstanding common shares of the Company being reduced from 172.3 million to approximately 5.22 million on a non-diluted basis. No fractional shares will be issued as a result of the Consolidation. Each fractional share remaining after consolidation that is less than 1/2 of a share will be cancelled and each fractional share that is at least 1/2 of a share will be rounded up to one whole share. Each shareholder will hold the same percentage of common shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation.
Registered shareholders holding physical share certificates will receive by mail a letter of transmittal advising of the Consolidation and containing instructions. Holders of common shares of the Company who hold uncertificated common shares (i.e., common shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, will have their existing book-entry account(s) electronically adjusted by the Company's transfer agent or, for beneficial shareholders, by their brokerage firms, banks, trusts or other nominees that hold in "street name" for their benefit. Such holders do not need to take any additional actions to exchange their pre-Consolidation common shares for post-Consolidation common shares.
Additional information and answers to questions about the consolidation of InMed's shares, including an explanation and example demonstrating the zero net effect on individual shareholders' percentage ownership of the Company, can be found at https://www.inmedpharma.com/about/faq/.
About InMed: InMed Pharmaceuticals is a clinical-stage pharmaceutical company developing a pipeline of cannabinoid-based medications, initially focused on the therapeutic benefits of cannabinol (CBN) in diseases with high unmet medical need. The Company is dedicated to delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based medicines. For more information, visit www.inmedpharma.com.
Cautionary Note Regarding Forward-Looking Information: This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is based on management's current expectations and beliefs and is subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking information in this news release includes statements about: a listing of the Company's common shares on the Nasdaq; the implementation and details of the Consolidation; the anticipated timing of the common shares trading on the TSX on a post-Consolidation basis; and delivering new therapeutic alternatives to patients that may benefit from cannabinoid-based medicines.
With respect to the forward-looking information contained in this news release, InMed has made numerous assumptions regarding, among other things: the ability to obtain all necessary regulatory approvals on a timely basis, or at all; the ability to recruit appropriate test subjects; continued and timely positive preclinical and clinical efficacy data; the effectiveness of patent protection; demand for InMed's products; and continued economic and market stability. While InMed considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies.
Additionally, there are known and unknown risk factors which could cause InMed's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: regulatory filings may not be filed or approved on a timely basis, or at all; InMed may not proceed with a listing of the Company's common shares on the Nasdaq on a timely basis, or at all; InMed may not implement the Consolidation on a timely basis, or at all; the common shares may not begin trading on the TSX on a post-Consolidation basis on the expected date, or at all; InMed may not be able to advance its other product candidates on a timely basis, or at all; clinical trials may not proceed as anticipated; economic or market conditions may worsen; InMed's cannabinoid manufacturing process and drug development programs may not deliver the expected level of results; and InMed may not be able to provide new therapeutic alternatives that benefit patients via cannabinoid-based medicines. A more complete discussion of the risks and uncertainties facing InMed is disclosed in InMed's most recent Annual Information Form and other continuous disclosure filed with Canadian securities regulatory authorities on SEDAR at www.sedar.com.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and InMed disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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SOURCE InMed Pharmaceuticals Inc.