Company: CMND
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001213900-25-112329
Chunk: 8

Company: Clearmind Medicine Inc.
Filing Date: 2025-11-19
Form: 424B5
Chunk 8
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 the Gonda Multidisciplinary Brain Research Center located at Bar Ilan University (Ramat Gan, Israel)
to advance the evaluation of MEAI as a potential treatment for addictions and other binge behaviors. Prof. Yadid, a prominent figure in
the research and development of treatments for psychiatric disease, specifically drug addiction, depression, and PTSD, and his team conducted
a series of studies to explore the mechanism of action and specific neural targets of MEAI to evaluate its efficacy as a potential therapeutic
agent in the treatment of addiction and related behaviors. The results of pre-clinical research studies suggested that MEAI may be effective
in the treatment of substance addiction and specifically cocaine without interrupting the natural reward process. According to the United
Nations Office on Drugs and Crime’s “2022 World Drug Report”, of the estimated 284 million people who had used drugs
in the past year, approximately 13.6%, 38.6 million, are estimated to have suffered from drug use disorders. While some addictions, such
as drugs and alcohol, are more concerning than others, addiction and compulsive behavior is not limited to these substances. Compulsive
consumption of food, shopping, gambling, sex, television, and technology, many of which increased in prevalence during the recent pandemic,
can all be destructive when their use cannot be managed and all can potentially be treated by MEAI.

Recent Developments

Nasdaq Minimum Stockholders’ Equity Requirement

On November 3, 2025, we received
a written notification (the “Notification Letter”) from the Listing Qualifications Department of Nasdaq Stock Market LLC (“Nasdaq”),
notifying us that we are no longer in compliance with Nasdaq Listing Rule 5550(b)(1) (the “Minimum Stockholders’ Equity Rule”).

The Minimum Stockholders’
Equity requires companies listed on The Nasdaq Capital Market to maintain a minimum of $2,500,000 in stockholders’ equity for continued
listing. However, based on our Form 6-K filed on September 11, 2025, where the Company filed its unaudited condensed interim consolidated
financial statements for the three and nine months ended July 31, 2025, filed on September 11, 2025, we reported a stockholders’
equity of $1,065,668, and we do not meet the alternatives of market value of listed securities or net income from continuing operations.
We are thus non-compliant with the