In the beginning of the week, biotech company focusing on discovering, developing and deploying psychedelic-inspired drugs Mind Medicine Inc. (MNMD) secured an uplist from the Over The Counter (OTC) market to the NASDAQ.
This was great news in the psychedelics sector since MindMed become the second psychedelics company to get listed on the United States mainstream stock markets after COMPASS Pathways Plc. (CMPS).
MindMed changed its ticker from ‘MMEDF’ to ‘MNMD’ after being uplisted to the NASDAQ, unfortunatley, since the uplisting the stock has being on a downward spiral.
During last week which marked the last days of the stock on the OTC markets the stock was trading at an average of $5. However, on April 27 which was its first day on NASDAQ, the stock plunged by 29% closing the day at $4.02.
Before the uplisting happed CEO of the company J.R. Rahn announced how delighted the company together with its shareholders was by the development saying the move will enlarge the company’s shareholders base and improve its liquidity.
“I would like to thank our employees, management, directors and our many collaborators for their hard work in making MindMed a member of the Nasdaq exchange, an important step that will help facilitate our mission to discover, develop and deploy psychedelic inspired medicines and therapies to address addiction and mental illness,” added the CEO.