Bright Minds Biosciences Inc. (CSE:DRUG | NASDAQ:DRUG) announces that it has received a notification letter from the Nasdaq Stock Market LLC dated January 26, 2023, notifying the Company that due to thirty consecutive business days of closing bid prices for the common shares in the capital of the Company being below US$1.00 per Share, Bright Minds is not compliant with the minimum bid price requirement set forth in NASDAQ Listing Rule 5550(a)(2).

The Company has been provided 180 calendar days, being until July 25, 2023, to regain compliance, which may be done by having a closing bid price of at least US$1.00 for a minimum of 10 consecutive business days during the Compliance Period.

The receipt of the Notification Letter has no immediate effect on the listing of the Company’s Shares, which will continue to trade uninterrupted on each of the Canadian Securities Exchange and NASDAQ under the symbol “DRUG.” To address the issue, the Company will continuously monitor its closing bid prices between now and July 25, 2023, and evaluate its options to regain compliance with NASDAQ Listing Rule 5550(a)(2) before such date. The Company anticipates resolving the deficiency within the compliance period.

About Bright Minds

Bright Minds is focused on developing novel transformative treatments for neuropsychiatric disorders, epilepsy, and pain. Bright Minds has a portfolio of next-generation serotonin agonists designed to target neurocircuit abnormalities that are responsible for difficult to treat disorders such as resistant epilepsy, treatment resistant depression, PTSD, and pain. The Company leverages its world-class scientific and drug development expertise to bring forward the next generation of safe and efficacious drugs. Bright Minds’ drugs have been designed to potentially retain the powerful therapeutic aspects of psychedelic and other serotonergic compounds, while minimizing the side effects, thereby creating superior drugs to first-generation compounds, such as psilocybin.