An anonymous director reports
INMED ANNOUNCES COMPLETION OF SHARE CONSOLIDATION
Inmed Pharmaceuticals Inc., further to its press release dated June 19, 2020, in conjunction with its application to list its common shares on the Nasdaq Stock Market, has completed the consolidation of its issued and outstanding common shares on the basis of 33 preconsolidation common shares for one postconsolidation common share.
Subject to the approval of the Toronto Stock Exchange (TSX), the company's common shares are expected to commence trading on a postconsolidated basis on the TSX (ticker symbol: IN) on July 3, 2020, and, due to the observation on July 3, 2020, of the U.S. Independence Day, trading on the OTCQX Best Market (ticker symbol: IMLFF) beginning July 6, 2020, under the same trading symbols, and with new Cusip number 457637502 and ISIN 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 one-half of a share will be cancelled, and each fractional share that is at least one-half 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 (that is, 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 preconsolidation common shares for postconsolidation 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 on the company's website.
About Inmed Pharmaceuticals Inc.
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.
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