MMEDF Stock: 7 Things to Know About Psychedelic Biotech MindMed Ahead of Its Nasdaq Listing

MindMed (OTCMKTS:MMEDF) stock was getting high on Friday as the penny stock prepares for an uplisting to the Nasdaq Exchange from the OTC Markets.

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So when exactly can investors expect to see MMEDF stock uplist? All the details investors need to know are below.

  • The changeover will take place on Tuesday.
  • This will also have it switching away from its current ticker in favor of the new MNMD stock ticker.
  • The company will also continue to trade its shares on the Neo Exchange under the MMED stock ticker.
  • The NEO Exchange allows the stock to continue trading in Canada and Germany.
  • MindMed is a clinical-stage psychedelic medicine biotech company.
  • Its focus is on discovering, developing, and launching psychedelic-inspired medicines.
  • The company’s pipeline includes treatments based on “Psilocybin, LSD, MDMA, DMT and an Ibogaine derivative, 18-MC.”

J.R. Rahn, co-founder and CEO of MindMed, had this to say about the news pushing MMEDF stock up today.

“We believe this listing will increase our visibility in the marketplace, improve liquidity, broaden and diversify our shareholder base, and ultimately enhance long-term shareholder value. 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.”

MMEDF stock is seeing heavy trading on today’s uplist news. As of this writing, more than 8.7 million shares of the stock have changed hands. That’s an impressive increase over its daily average trading volume of 2.7 million shares.

MMEDF stock was up 45.5% Friday afternoon but is only up 6.5% since the start of the year.

MindMed might not be the only penny stock that investors want to keep track of.

While it’s true that penny stocks are risky to invest in, it’s still worthwhile to keep an eye on them. Afterall, they might not all be penny stocks in the future. Some worth looking into are ION Geophysical Corporation (NYSE:IO), Asensus Surgical (NYSEMKT:ASXC), Citius Pharmaceuticals (NASDAQ:CTXR), and others. You can get up to speed on the below.

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed

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