24/7 Market News Snapshot 20 November, 2024 – Psyence Biomedical Ltd. Common Shares (NASDAQ:PBM)

November 20, 2024

DENVER, Colo., 20 November, 2024 (247marketnews.com) – (Nasdaq:PBM) are discussed in this article.
Psyence Biomedical Ltd. (Nasdaq:PBM), a frontrunner in the development of psychedelic-based pharmaceutical therapies, is experiencing a positive uptick in trading, currently at $0.053 per share with a pre-market increase of approximately 0.57%. The impressive trading volume of 8.35 million shares signals strong investor interest, indicating potential momentum that could attract additional buyers if this trend continues.

In parallel, Psyence has made significant strides in its compliance journey with Nasdaq listing requirements. Following a constructive hearing on October 31, the Nasdaq Hearings Panel has granted the company an extension until December 31, 2024, to meet all necessary criteria for continued listing. This extension provides a strategic opportunity for Psyence to implement its compliance plan, which addresses critical requirements such as the $1 minimum bid price, a $1 million market value of publicly held shares, and a minimum stockholders’ equity of $2.5 million.

As part of its compliance strategy, Psyence has proposed a 1-for-75 share consolidation, approved during the Annual General Meeting on November 12. This move is expected to fulfill the Nasdaq’s minimum bid price requirement, thereby enhancing the company’s standing in the market. Additionally, Psyence has sought to transfer its listing from The Nasdaq Global Market to The Nasdaq Capital Market to ensure proper oversight and adherence to compliance measures.

Dr. Neil Maresky, the CEO of Psyence Biomed, expressed optimism about aligning with the Nasdaq’s requirements, emphasizing the critical importance of maintaining their listing. This commitment is pivotal for advancing their unique pipeline of nature-derived psilocybin-based therapeutics, which aim to tackle mental health and addiction issues. As the company continues to navigate this strategic period, its dedication to scientific innovation in healthcare remains steadfast.

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