Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 99

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 99
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The Sarbanes-Oxley Act requires, among other things,
that we maintain effective internal control over financial reporting and disclosure controls and procedures. In particular, we must perform
system and process evaluation and testing of our internal control over financial reporting to allow management to report on the effectiveness
of our internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act. In addition, we will be required
to have our independent registered public accounting firm attest to the effectiveness of our internal control over financial reporting
beginning with our annual report on Form 20-F following the date on which we are no longer an emerging growth company. Our compliance
with Section 404 of the Sarbanes-Oxley Act will require that we incur substantial accounting expense and expend significant management
efforts. We currently do not have an internal audit group, and we will need to hire additional accounting and financial staff with appropriate
public company experience and technical accounting knowledge. If we are not able to comply with the requirements of Section 404 in a timely
manner, or if we or our independent registered public accounting firm identify deficiencies in our internal control over financial reporting
that are deemed to be material weaknesses, the market price of our shares could decline and we could be subject to sanctions or investigations
by Nasdaq, the SEC or other regulatory authorities, which would require additional financial and management resources.

Our ability to successfully implement our business
plan and comply with Section 404 requires us to be able to prepare timely and accurate financial statements. We expect that we will need
to continue to improve existing, and implement new operational and financial systems, procedures and controls to manage our business effectively.
Any delay in the implementation of, or disruption in the transition to, new or enhanced systems, procedures or controls, may cause our
operations to suffer and we may be unable to conclude that our internal control over financial reporting is effective and to obtain an
unqualified report on internal controls from our auditors as required under Section 404 of the Sarbanes-Oxley Act. This, in turn, could
have an adverse impact on trading prices for our ordinary shares and could adversely affect our ability to access the capital markets.

If we are not able to attract and retain highly skilled managerial,
scientific, technical and marketing personnel, we may not be able to implement our business model successfully.

Our success depends in part on our continued ability
to attract, retain and motivate highly qualified management, clinical and scientific personnel. We are highly dependent