InMed Pharmaceuticals Inc. has announced a significant step in its proposed merger with Mentari Therapeutics, Inc. The company plans to consolidate its shares in anticipation of this merger, which is a crucial move for its future operations.

On November 2, 2026, InMed revealed details about the consolidation of its shares, which will occur on a 1-for-10 basis. This means that for every ten shares currently held, shareholders will receive one new share. The consolidation is part of a broader merger agreement established on May 19, 2026, between InMed, its wholly owned subsidiaries, and Mentari.

Background

InMed Pharmaceuticals Inc. is a pharmaceutical company focused on developing proprietary small molecule drug candidates targeting diseases with high unmet medical needs. It operates under the SIC classification of 2834, which pertains to Pharmaceutical Preparations. The company trades on the Nasdaq under the ticker INM and is incorporated in British Columbia, Canada. Its recent filings include a Form 425 on November 2, 2026, detailing the merger and share consolidation.

What the Filing Says

The filing states, "the Company expects to consolidate all of its issued and outstanding Common Shares on the basis of one (1) post-consolidation Common Share for each ten (10) pre-consolidation Common Shares." This consolidation was approved by the Board of Directors and does not require shareholder approval, although it is contingent on the approval of several proposals at the upcoming annual general meeting.

Impact

This consolidation may significantly affect current shareholders, as the number of outstanding shares will decrease from approximately 5.5 million to about 549,374. Each shareholder's percentage ownership will remain the same post-consolidation, but the value of their shares may fluctuate based on market reactions to the merger.

What's Next

The consolidation is set to proceed after market close on November 4, 2026, pending approval of the proposals at the annual general meeting. If approved, the new shares will begin trading on the Nasdaq under a new CUSIP and ISIN on November 5, 2026.