97.295% of Votes Back InMed Share Issuance Ahead of Expected Merger Close
Key Facts
InMed Pharmaceuticals said on November 5 that its merger with Mentari Therapeutics was expected to close on November 6, subject to the satisfaction or waiver of the remaining closing conditions, according to a statement Nasdaq carried from the company. Completion of the deal on November 6 could not be verified on a reliable page that was accessible. The company said shares of the combined entity were expected to begin trading as Mentari Therapeutics under the ticker MTRI at the November 9 session open. That date represents an expected next step in the deal, not independent confirmation that it has been completed. The stock was still listed under the ticker INM in November 5 session data, when it closed at $13.21, according to EL7 data.
The expected closing date followed a November 4 shareholder meeting to vote on proposals related to the deal, including the issuance of shares to Mentari shareholders and a change of control. A total of 97.295% of votes cast supported the share issuance proposal, according to an InMed disclosure. The share issuance and change-of-control proposals were approved in a governance step related to completing the deal. At the same meeting, shareholders approved changing the corporate name to Mentari Therapeutics, and the new legal name took effect on November 4. The new legal name taking effect is distinct from completion of the merger, which the company said in its subsequent announcement was expected on November 6, subject to the relevant remaining closing conditions.
The company also completed a 1-for-10 reverse stock split on November 4, according to its announcement of the meeting results. The action precedes the expected start of trading under the ticker MTRI on November 9, while the ticker INM was still used in November 5 session data. The company said trading under the new name and ticker was expected to begin at that session's open. The anticipated change therefore combines the new corporate name with the new ticker following the reverse split. The available announcement does not confirm that trading under the ticker MTRI has already begun.
The deal concerns Mentari, a private biotechnology company developing preventive migraine therapies, according to InMed materials. Its programs include MT-001, a monoclonal antibody targeting PACAP, and MT-002, a bispecific antibody targeting CGRP and PACAP. In its November 3 announcement, InMed said the private financing associated with Mentari was expected to total approximately $490 million. It added that the financing was expected to support operations through 2029, including Phase 2a readouts for two lead programs targeting PACAP. Chief Executive Eric Adams linked the deal to giving shareholders an opportunity to participate in the development of Mentari's migraine-prevention treatment pipeline.
An InMed filing with the U.S. Securities and Exchange Commission said Mentari securityholders, including investors in the pre-closing financing, were expected to own approximately 99.03% of the combined company after completion, on a fully diluted basis. By contrast, pre-merger InMed securityholders were expected to own approximately 0.97%. The filing said the percentages were subject to adjustment based on net cash at closing. The expected allocation would put the majority of ownership with Mentari securityholders after the deal is completed. Adams said the company was focused on completing the transaction and was also seeking to realize value from InMed's legacy assets through a contingent value rights structure.
The deal comes as InMed's fiscal 2027 first-quarter results showed cash and cash equivalents falling to $1.0 million on September 30, 2026, from $2.2 million on June 30, according to the company's November 3 announcement. At the time, it said available liquidity was expected to cover operating and investing expenses through mid-November under current projections. The company linked this context to its focus on completing the deal, while pointing to Mentari's expected financing as support for its operations and clinical programs. The next announced step was the expected start of trading as Mentari Therapeutics under the ticker MTRI at the November 9 session open. The announced merger closing date remained November 6, subject to the remaining conditions or their waiver.