Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 54

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 54
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antage of certain reduced disclosure obligations, including, among other things, providing only two years of audited financial statements.
We will remain a smaller reporting company until the last day of any fiscal year for so long as either: (i) the market value of our shares
of common stock held by non-affiliates does not equal or exceed $250 million as of the prior June 30th; or (ii) our annual
revenues did not equal or exceed $100 million during such completed fiscal year. To the extent we take advantage of such reduced disclosure
obligations, it may also make the comparison of our financial statements with other public companies difficult or impossible.

52

If
we fail to maintain compliance with Nasdaq Listing Rules, our shares may be delisted from Nasdaq, which would result in a limited trading
market for our shares and make obtaining future debt or equity financing more difficult for the us.

Our
common stock is listed on the Nasdaq Capital Market under the symbol “MIRA”. However, there is no assurance that we will
be able to continue to maintain our compliance with the Nasdaq continued listing requirements. If we fail to do so, our securities may
lose their status on Nasdaq and they would likely be traded on the over-the-counter markets, including the Pink Sheets market. As a result,
selling our securities could be more difficult because smaller quantities of shares or warrants would likely be bought and sold, transactions
could be delayed, and security analysts’ coverage of us may be reduced. In addition, in the event our securities are delisted,
broker dealers would bear certain regulatory burdens which may discourage broker dealers from effecting transactions in the securities
and further limit the liquidity of the securities. These factors could result in lower prices and larger spreads in the bid and ask prices
for the securities. Such delisting from Nasdaq and continued or further declines in the share price of the securities could also greatly
impair our ability to raise additional necessary capital through equity or debt financing and could significantly increase the ownership
dilution to shareholders caused by our issuing equity in financing or other transactions.

If
our shares were to be delisted from Nasdaq, they may become subject to the SEC’s “penny stock” rules.

Delisting
from Nasdaq may cause our securities to become subject to the SEC’s “penny stock” rules. The SEC generally defines
a penny stock as an equity security that has a market price of less than $5.00 per share or an exercise