FTRP - Field Trip to increase stake in planned clinic business spinoff postpones shareholders' meeting

Field Trip Health (NASDAQ:FTRP) said it was increasing its investment in the spin-out of its clinics business to Field Trip Health & Wellness, SpinCo, and was postponing a shareholders' meeting by a week to provide time to consider the changes. Toronto-based Field Trip said it agreed to increase its investment in the SpinCo share offering in SpinCo to ~$9.81M from $5M. This would result in the company subscribing for ~19.62M SpinCo shares, representing ~21.79% stake in the SpinCo following completion of the plan of arrangement. The company added that gross proceeds to SpinCo in the concurrent financing will be $20M, of which $17.8M will be raised under the SpinCo share offering and $2.2M via a SpinCo subscription receipt offering. Field Trip noted that it decided to increase its investment in the share offering because challenging market conditions affected uptake of the subscription receipt offering and because it believes in the long-term prospects of

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Field Trip to increase stake in planned clinic business spinoff, postpones shareholders' meeting