Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 91

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 91
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Shares less attractive as a result, there may be a less active trading market for our Common Shares and our share price may be more volatile.

If we fail to maintain an effective system of
internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result,
our shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price
of our Common Shares.

Effective internal controls over financial reporting
are necessary for us to provide reliable financial reports. Together with adequate disclosure controls and procedures, effective internal
controls are designed to prevent fraud. Any failure to implement required new or improved controls or difficulties encountered in their
implementation could cause us to fail to meet our reporting obligations. In addition, any testing by us conducted in connection with Section 404
of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, may reveal deficiencies in our internal controls over financial reporting
that are deemed to be material weaknesses, may require prospective or retroactive changes to our financial statements, or may identify
other areas for further attention or improvement. Inferior internal controls could also cause investors to lose confidence in our reported
financial information, which could have a negative effect on the trading price of our ordinary shares.

We are required to disclose changes made in our
internal controls and procedures on an annual basis and our management is required to assess the effectiveness of these controls annually.
However, for as long as we are an “emerging growth company” under the Jumpstart Our Business Startups Act, or the JOBS Act,
or a “non-accelerated filer” under SEC rules, our independent registered public accounting firm will not be required to attest
to the effectiveness of our internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We will
remain an emerging growth company until the earliest of: (i) the last day of the first fiscal year in which our annual gross revenues
exceed $1.235 billion; (ii) the last day of the fiscal year following the fifth anniversary of the date of our initial public offering;
(iii) the date that we become a “large accelerated filer” as defined in Rule 12b-2 under the Exchange Act, which would occur
if the aggregate worldwide market value of our common shares, including common shares represented by warrants, held by non-affiliates
is at least $700 million as