FTRP - Field Trip Health receives final court approval for clinics business spin-out

• Psychedelic therapies company Field Trip Health ( NASDAQ: FTRP ) said it has received final court approval for the spin-out of its clinics business to Field Trip Health & Wellness.
• The spin-out is to be executed by way of a plan of arrangement, with the closing subject to regulatory approvals.
• As part of the arrangement, each share of FTRP will be exchanged for one common share of FTRP, to be renamed Reunion Neuroscience on consummation of the arrangement, and ~0.86 common share of Field Trip Health & Wellness.
• The closing of the arrangement is set to occur on or around August.
• Field Trip Health & Wellness will list on the TSX Venture Exchange, subject to the exchange's approval.
• Additionally, Field Trip Health closed a private placement of subscription receipts of Field Trip Health & Wellness.
• The private placement, led by Bloom Burton Securities, involved an issue price of C$0.50 per receipt, with aggregate gross proceeds of C$2.1M.
• The net proceeds of the offering will be used for clinic operating expenses, working capital, arrangement expenses as well as for general corporate purposes.
• Source: Press Release

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