NEW YORK – Psyence Biomedical Ltd. (NASDAQ:PBM), a biotech firm specializing in natural psychedelic compounds, has been notified of non-compliance with Nasdaq's market value requirements, which could lead to delisting from the Nasdaq Global Market.
The company disclosed on Monday that it received two letters from Nasdaq's listing qualifications department, indicating that its Market Value of Listed Securities (MVLS) and Market Value of Publicly Held Shares (MVPHS) have both fallen below the exchange's minimum thresholds for the past 30 consecutive business days.
To maintain its listing, Psyence Biomedical must boost its MVLS to at least $50 million and its MVPHS to $15 million or more, both for a minimum of ten consecutive business days, by September 9, 2024. The company's securities are still trading on Nasdaq, and these notices do not immediately affect the listing status.
Psyence Biomedical has stated its intention to actively monitor its market value metrics and explore options to regain compliance with Nasdaq's continued listing standards. However, there is no certainty that the company will achieve compliance within the given timeframe or meet other Nasdaq listing criteria.
The company, known for developing psilocybin mushroom products for mental health treatments in palliative care, is listed under the ticker symbol PBM on Nasdaq. Psyence Biomedical emphasizes its commitment to evidence-based research in the field of psychedelic medicines.
The information provided is based on a press release statement from Psyence Biomedical Ltd. and does not include any speculative or promotional content. The company's future plans to address the listing deficiencies are characterized as forward-looking statements, which involve risks and uncertainties that could affect actual results.
These statements do not guarantee future compliance or performance and should not be relied upon as such by investors.
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