Why Did Clearmind Medicine Shares Plunge 29% After Hours? - Clearmind Medicine (NASDAQ:CMND)

Core Viewpoint - Clearmind Medicine Inc. is implementing a 1-for-40 reverse stock split to comply with Nasdaq's minimum bid price requirement, following a significant decline in its stock price and market capitalization [2][4]. Group 1: Stock Performance - Clearmind Medicine shares fell 29.92% in after-hours trading, closing at $0.0801, down 6.08% on the day [1]. - The stock has experienced a 91.41% decline over the past year, with a market capitalization of $6.86 million [5]. Group 2: Reverse Stock Split Details - The reverse stock split will reduce the outstanding common shares from 59.99 million to 1.50 million, effective December 15 [3]. - The company's authorized share capital will remain unchanged, and no fractional shares will be issued, with all fractions rounded up to the nearest whole share [3]. Group 3: Board Approval and Adjustments - The board of directors approved the reverse split on November 12, in accordance with the company's articles of association [4]. - A proportionate adjustment will be made to the per-share exercise price and the number of shares issuable upon exercise of all outstanding options and warrants [4].