- InMed Pharmaceuticals (INM, Financial) appoints CBIZ as new auditor following Marcum LLP's resignation.
- Special shareholder meeting fails to achieve quorum, delaying a vote on significant share issuance proposal.
- Modifications made to SEPA with Yorkville introduce Black Out Periods for better management of sensitive disclosures.
InMed Pharmaceuticals (NASDAQ: INM) has announced significant updates regarding its corporate governance and financing strategies. Following CBIZ's acquisition of Marcum LLP's attest business, Marcum LLP has resigned as InMed’s auditor. Consequently, CBIZ has been appointed as the new auditor for the fiscal year ending June 30, 2025. This transition was part of a routine changeover, and there were no disagreements or reportable events concerning InMed's financial statements for the fiscal year ending in 2024.
InMed recently held a special meeting of shareholders, which was unable to proceed with a planned vote due to not achieving the required quorum. The primary agenda was a proposal to approve the issuance of 20% or more of the company's existing shares under the Standby Equity Purchase Agreement (SEPA) with Yorkville. The inability to vote on this proposal limits the company's immediate financing flexibility, as this mechanism allows raising capital through share sales to Yorkville.
Alongside this, InMed has amended its SEPA with Yorkville to include provisions for "Black Out Periods." These periods are designed to temporarily suspend the registration of shares, allowing InMed to manage the disclosure of sensitive information more effectively. This strategic amendment provides InMed with greater control over the timing of its equity financing activities and offers protection against dilution during delicate corporate times.
These developments indicate InMed's ongoing relationship with Yorkville and highlight potential shareholder resistance or apathy regarding significant dilution. As InMed is a pharmaceutical company focused on small molecule drug development, these financing arrangements are crucial for its continued operation and growth.
