InMed receives notice of delisting from NASDAQ and confirms that it has filed an appeal and received a date for a hearing before the panel

Vancouver, British Columbia–(Newsfile Corp. – September 20, 2024) – InMed Pharmaceuticals Inc. (NASDAQ: INM) (“InMed” or the “Company”), a pharmaceutical company focused on developing a pipeline of proprietary small molecule drug candidates for diseases with high unmet medical needs, today announced that it has timely requested a hearing (the “Hearing”) before the Nasdaq Listing Qualifications Panel (the “Panel”) to appeal the decision of the Listing Qualifications Department (the “Nasdaq Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) (the “Appeal”) and to submit its plan to meet Nasdaq’s minimum bid price requirement of at least $1.00 for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”) is to be restored and maintained. Nasdaq has informed the Company via email that the hearing has been scheduled for October 31, 2024.

As previously announced by the Company on March 20, 2024, the Company has been granted an additional 180-day compliance period, or until September 16, 2024 (the “Compliance Date”), to restore compliance with the Minimum Bid Price Rule. The Nasdaq staff’s decision, communicated to the Company through a delisting notice (the “Delisting Notice”) dated September 17, 2024, indicates that the Company has not complied with the Minimum Bid Price Rule by the Compliance Date.

The appeal stayed all delisting or suspension actions (including the filing of a Form 25-NSE) contemplated by the Delisting Notice pending the Panel’s final decision. The Panel has broad discretion in the public interest, including the discretion to grant the Company up to 180 additional calendar days from September 16, 2024 to restore compliance. The Panel may also exercise this power to apply additional or more stringent criteria for the continued listing of the Company’s common shares of no par value (the “Common Shares”) or to suspend or delist the Common Shares (including through the filing of a Form 25-NSE). Ultimately, there is no guarantee that the Panel will grant an extension of the compliance period or that the outcome of the hearing or appeal (more generally) will be favorable to the Company.