MindMed (OTCMKTS:MMEDF) is surging in trading today after reporting full-year 2020 results and filing preliminary registration forms with the U.S. Securities and Exchange Commission yesterday. MMEDF stock is up more than 20% in trading today.
The big news for MindMed is the filing of a base shelf prospectus in Canada and a corresponding Form F-10 registration in the U.S. When these filings are finalized, MMEDF will be able to trade on exchanges in these countries, dramatically expanding the company’s access to capital. While the company can’t sell securities prior to these registrations taking effect, management believes it gives the company greater flexibility when it comes to pursuing growth strategies.
These preliminary filings come hot on the heels of the company’s full-year 2020 earnings, which included total assets of $85.6 million ($80.1 million cash) and a net loss of $35.1 million for the year ended Dec. 31, 2020. The company had a total cash balance of $161 million.
Yesterday’s earnings report followed an announcement Monday that a Stanford neuroscientist would be joining the company as Chair of the Scientific Advisory Board and news last week that MMEDF would be added to the FTSE Global Micro-Cap Index and the FTSE Total-Cap index.
MindMed closed the day up by 22.3%, with trading volume of approximately 2 million lower than the average daily volume of 3.4 million trades.
On the date of publication, Vivian Medithi did not have (either directly or indirectly) any positions in the securities mentioned in this article.