MindMed (NASDAQ:MNMD) stock is in the news Wednesday after the psychedelic medicine company regained Nasdaq compliance.
According to a press release from the company, it has satisfied the Nasdaq’s minimum bid price listing requirement. This means its shares have to close above the $1 price point for several consecutive trading days.
MindMed was able to achieve this goal by enacting a 1-for-15 reverse stock split on Aug. 26. That reverse split boosted the price of the company’s shares above the minimum requirement for Nasdaq compliance.
Nasdaq Compliance Opens Up Options for MNMD Stock
MindMed believes that regaining Nasdaq compliance opens it up to several possibilities. Among them are “consideration for inclusion into market-wide and healthcare sector indices, potentially augment MindMed’s visibility within the investment community, increase the liquidity of its common shares and broaden its shareholder base.”
Investors are reacting positively to today’s MNMD stock news. That makes sense as the company has grown a following among retail traders. This includes some that believe a short squeeze of the company’s stock could be right around the corner.
MNMD stock isn’t seeing heavy trading today despite the Nasdaq compliance news. However, the company’s shares are currently up 1.4% as of Wednesday afternoon. Shares of MNMD are also down 64.5% since the start of the year.
Investors seeking out more of the latest stock market news will want to stick around!
InvestorPlace is home to all of the hottest stock market coverage traders need for Wednesday! Among that is what has shares of SoFi (NASDAQ:SOFI), Twilio (NYSE:TWLO), and Aditxt (NASDAQ:ADTX) on the move today. You can read up on all of that news at the following links!
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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. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.