Bright Minds Biosciences Inc. (CSE: DRUG / NASDAQ: DRUG), a biotechnology company focused on developing novel drugs for the targeted treatment of neuropsychiatric disorders, epilepsy, and pain, announces that it intends to consolidate its common shares (the “Common Shares”) on a five (5) to one (1) basis (the “Consolidation”). The Consolidation has been approved by the Company’s board of directors in accordance with the Articles of the Company.
The Company currently has 18,860,359 Common Shares issued and outstanding. Following the completion of the Consolidation, the Company is expected to have approximately 3,772,071 Common Shares issued and outstanding, subject to rounding for fractional Common Shares. The exercise price and number of Common Shares issuable upon the exercise of the Company’s outstanding options and warrants will also be proportionally adjusted upon completion of the Consolidation.
The Consolidation is being undertaken to increase the Company’s attractiveness to investors and to provide the Company with a path to regain compliance with the Nasdaq Stock Market LLC minimum bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), as disclosed in the Company’s news release dated January 27, 2023.
The Consolidation is subject to acceptance from the Canadian Securities Exchange, which the dissemination of a bulletin advising of the date of the Consolidation will evidence. The Company will disseminate a further news release which will set out the effective date for the Consolidation.
About Bright Minds
Bright Minds is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain. Bright Minds has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult to treat disorders such as resistant epilepsy, treatment resistant depression, PTSD, and pain. The Company leverages its world-class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds’ drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin.