HUGE - FSD Pharma plans to spin out subsidiary

2023-04-12 09:03:12 ET

• Canadian biotech FSD Pharma ( NASDAQ: HUGE ) announced Wednesday that it intends to spin out a yet-to-be-formed wholly-owned subsidiary to focus on the development of its core assets and maximize shareholder value.
• Following the transaction, expected to complete in July 2023, the subsidiary will separate as an independent public company. FSD Pharma ( HUGE ) wants to execute a reverse take-over transaction with a yet-to-be-identified business.
• All shareholders of FSD Pharma ( HUGE ) will be entitled to receive common shares in the new company's capital on a pro-rata basis. The parent company will continue to trade on NASDAQ and Canadian Securities Exchange.
• HUGE shareholders will be able to vote on the spin-out transaction at the company's annual general and special shareholders meeting scheduled for June 29, 2023.
• In February, FSD Pharma ( HUGE ) regained compliance with the Nasdaq listing rule regarding the minimum bid price requirement after months of non-compliance.

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