InMed Pharmaceuticals Receives Nasdaq Notification on Shareholders' Equity

InMed Pharmaceuticals, a pharmaceutical company focused on developing proprietary small molecule drug candidates for diseases with high unmet medical needs, has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC, notifying the company that its shareholders' equity of $1,075,007 as reported in the Annual Report on Form 10-K for the fiscal year ended June 30, 2026, was below the minimum shareholders' equity of $2,500,000 required for continued listing on The Nasdaq Capital Market as set forth in Nasdaq Listing Rule 5550(b)(1).

Following the Merger, and as a result of the previously disclosed Mentari pre-closing financing, the combined company is expected to receive aggregate gross proceeds of approximately $490.0 million (which includes $50.0 million of proceeds previously received by Mentari from the issuance of its convertible notes and accrued interest on such notes).

InMed's closing share price as of September 18, 2026, represents an increase of approximately $0.68 (~99.8%) compared to the closing price immediately prior to the initial announcement of the Merger Agreement. The transactions contemplated by the Merger Agreement are expected to close in the fourth quarter of 2026, subject to, among other things, shareholder approval.

Nasdaq has provided InMed with 45 calendar days to submit a plan to regain compliance with the minimum shareholders' equity standard. If the company's plan is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the letter to evidence compliance with the minimum shareholders' equity requirement. In the event the company does not evidence compliance with the minimum shareholders' equity requirement during the relevant period, Nasdaq may notify the company that its common shares are subject to delisting. At such time, the company may appeal such determination to a Nasdaq Hearings Panel (the "Panel"), and it is expected that the company's securities would continue to be listed and available to trade on Nasdaq at least pending the completion of the appeal process. In such event, there can be no assurance that any such appeal would be successful or that the company would be able to evidence compliance with the terms of any extension that may be granted by the Panel.

InMed's pipeline consists of three separate programs in the treatment of Alzheimer's, ocular, and dermatological indications. The company's focus on developing proprietary small molecule drug candidates for high unmet medical needs continues to be a key driver of its strategy. The company's latest developments and the anticipated benefits of the Merger Agreement are expected to have a significant positive impact on its financial position and market standing.