Clearmind Medicine Announces Receipt of Nasdaq Minimum Bid Price Notification

Rhea-AI Summary

Clearmind Medicine (Nasdaq: CMND) received a Nasdaq notice on December 4, 2025, for noncompliance with the $1.00 minimum bid price requirement after the closing bid was below $1.00 for 30 consecutive business days.

Nasdaq granted a 180-calendar day compliance period through June 2, 2026 to regain compliance by achieving a $1.00 closing bid for at least 10 consecutive business days. The companyshares will continue to be listed and traded under the symbol CMND during the period. If not compliant by June 2, 2026, the company may seek a second 180-day period only if it meets market value and other initial listing standards (except the bid-price rule). The company said it will monitor the closing bid and consider options to cure the deficiency, but provided no assurance it will regain compliance.

Positive

• Nasdaq granted a 180-day compliance period ending June 2, 2026
• Common shares will remain listed and traded on Nasdaq under CMND during the compliance period
• Company may qualify for a second 180-day compliance period if market-value criteria are met

Negative

• Closing bid was below $1.00 for 30 consecutive business days
• Must achieve $1.00 closing bid for 10 consecutive business days to regain compliance
• If noncompliant after compliance periods, Nasdaq may issue delisting notice
• Company stated there is no assurance it will regain compliance

Key Figures

Minimum bid price $1.00 per share Nasdaq Listing Rule 5550(a)(2) requirement

Noncompliance period 30 consecutive business days Closing bid below $1.00 before Nasdaq notice

Initial compliance window 180 calendar days Period to regain $1.00 minimum bid by June 2, 2026

Required bid duration 10 consecutive business days Minimum period closing bid must be at or above $1.00

Registered direct proceeds $1,297,012.76 Gross proceeds from 7,944,868 shares and pre-funded warrants (Nov 26, 2025)

Primary offering proceeds $2,185,000 Gross proceeds from 10,925,000-share offering at $0.20 (Nov 19, 2025)

Stockholders’ equity $1,065,668 Reported level vs Nasdaq’s $2.5M minimum equity requirement

Equity requirement $2.5 million Nasdaq minimum stockholders’ equity threshold cited in filings

Market Reality Check

$0.1291 Last Close

Volume Volume 6,398,461 is at 0.17x the 20-day average of 37,709,909, indicating subdued trading activity pre-notice. low

Technical Shares at $0.1291 are trading below the $0.94 200-day moving average, reflecting a prolonged downtrend before this notice.

Peers on Argus 1 Up 1 Down

Pre-announcement momentum flagged the target as moving down, with one peer (PLRZ) also down and one (KTTA) up. Broader biotech peers (SXTP, TTNP, KTTA, PLRZ, SILO) showed mixed single‑digit moves, pointing to stock‑specific rather than sector-wide pressure.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 02	Clinical trial update	Positive	-9.9%	First participant dosed at Hadassah site in ongoing Phase I/IIa AUD trial.
Dec 01	Clinical milestones	Positive	-6.9%	Positive first-cohort data, DSMB continuation, and new Tel Aviv site enrollment.
Nov 25	Site activation	Positive	-19.4%	Tel Aviv Sourasky site fully activated with first patient enrolled for AUD trial.
Nov 24	Safety review update	Positive	+8.4%	DSMB interim review found no serious adverse events and backed trial continuation.
Nov 20	Site expansion	Positive	-1.8%	Hadassah Medical Center activated as fifth global site in AUD trial.

Pattern Detected

Recent clinical updates with generally positive safety/efficacy language often coincided with negative next-day price moves, suggesting a pattern of weak price follow-through on favorable trial news.

Recent Company History

Over the last several weeks, Clearmind issued multiple Phase I/IIa clinical updates for CMND-100, including new site activations, positive interim safety data with no serious adverse events, and a unanimous DSMB recommendation to continue the trial. Despite this, four of the last five news events saw negative 24-hour price reactions, with only the Nov 24 DSMB update aligning positively. Today’s Nasdaq minimum bid price notice adds listing-risk context on top of this clinically focused news flow.

Market Pulse Summary

This announcement details Nasdaq’s notice that Clearmind’s shares failed the $1.00 minimum bid price for 30 consecutive business days, triggering a 180‑day window to regain compliance. In recent months the company relied on multiple registered offerings and still reported stockholders’ equity below Nasdaq’s $2.5 million threshold. Investors may monitor future financing terms, progress on clinical milestones, and any corporate actions aimed at restoring bid price and meeting all continued listing standards.

Key Terms

minimum bid price requirement regulatory

"to regain compliance with the minimum bid price requirement as may be necessary."

A minimum bid price requirement is a rule that a stock must trade above a set price for a specified period to stay listed on an exchange. It matters to investors because falling below that threshold can trigger warnings or removal from the exchange, which can cut liquidity, reduce visibility, and often lead to sharper declines in share value—think of it like a venue’s minimum dress code that, if not met, can bar a performer from the stage.

AI-generated analysis. Not financial advice.

Vancouver, Canada, Dec. 05, 2025 (GLOBE NEWSWIRE) -- Clearmind Medicine Inc. (Nasdaq: CMND), (FSE: CWY0) (“Clearmind” or the "Company"), a clinical-stage biotech company focused on discovery and development of novel neuroplastogen-derived therapeutics to solve major under-treated health problems, announced today that on December 4, 2025, the Company received a written notice from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2), as the Company’s closing bid price for its common shares was below $1.00 per share for the last 30 consecutive business days.

Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180-calendar day compliance period, or until June 2, 2026, to regain compliance with the minimum bid price requirement. During the compliance period, the Company’s common shares will continue to be listed and traded on the Nasdaq Stock Market under the symbol “CMND”.. To regain compliance, the closing bid price of the Company’s common shares must meet or exceed $1.00 per share for at least 10 consecutive business days during the 180-calendar day compliance period.

If the Company is not in compliance by June 2, 2026, the Company may be afforded a second 180-calendar day compliance period. To qualify for this additional time, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market with the exception of the minimum bid price requirement and will need to provide written notice of its intention to cure the deficiency during the second compliance period. If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company’s common shares will be subject to delisting.

The Company intends to monitor the closing bid price of its common shares between now June 2, 2026, and will consider available options to resolve the Company’s noncompliance with the minimum bid price requirement as may be necessary. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria.

About Clearmind Medicine Inc.

Clearmind is a clinical-stage psychedelic pharmaceutical biotech company focused on the discovery and development of novel psychedelic-derived therapeutics to solve widespread and underserved health problems, including alcohol use disorder. Its primary objective is to research and develop psychedelic-based compounds and attempt to commercialize them as regulated medicines, foods or supplements.

The Company’s intellectual portfolio currently consists of nineteen patent families including 31 granted patents. The Company intends to seek additional patents for its compounds whenever warranted and will remain opportunistic regarding the acquisition of additional intellectual property to build its portfolio.

Shares of Clearmind are listed for trading on Nasdaq under the symbol "CMND" and the Frankfurt Stock Exchange under the symbol “CWY0.”

For further information visit: https://www.clearmindmedicine.com or contact:

Investor Relations
invest@clearmindmedicine.com

Telephone: (604) 260-1566
US: CMND@crescendo-ir.com

General Inquiries
Info@Clearmindmedicine.com
www.Clearmindmedicine.com

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses regaining compliance with Nasdaq’s continued listing requirements, and timing and effect thereof. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the Securities and Exchange Commission (“SEC”), including, but not limited to, the risks detailed in the Company’s annual report on Form 20-F for the fiscal year ended October 31, 2024 and subsequent filings with the SEC. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Clearmind is not responsible for the contents of third-party websites.

FAQ

What did Clearmind Medicine (CMND) receive from Nasdaq on December 4, 2025?

Clearmind received a written notice of noncompliance for the $1.00 minimum bid price after 30 consecutive business days below $1.00.

How long is the Nasdaq compliance period for CMND and what is the deadline?

Nasdaq granted a 180-calendar day compliance period that ends on June 2, 2026.

What must CMND do to regain Nasdaq compliance during the 180-day period?

The closing bid must be at least $1.00 per share for at least 10 consecutive business days during the period.

Will CMND remain listed on Nasdaq while it addresses the minimum bid price deficiency?

Yes; the company's common shares will continue to be listed and traded on Nasdaq under the symbol CMND during the compliance period.

What happens if CMND does not regain compliance by June 2, 2026?

If not compliant, CMND may be eligible for a second 180-day period only if it meets market-value and other initial listing standards; otherwise Nasdaq may issue a delisting notice.

Does Clearmind guarantee it will regain compliance with Nasdaq’s minimum bid price?

No; the company stated it will consider available options but provided no assurance it will regain compliance.