HUGE:CC - InvestorNewsBreaks - FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) Holds Annual General and Special Meeting of Shareholders Reports on Voting Results
FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions, is reporting on the results of its annual general and special meeting of shareholders; the in-person meeting was held on July 22, 2024, in Toronto, Ontario. According to the report, shareholders were represented in person or by proxy at the meeting. Shareholders elected seven directors for the company, with the directors serving until the next annual meeting or until a successor is elected or appointed; the elected directors include Anthony Durkacz, Zeeshan Saeed, Dr. Lakshmi P. Kotra, Adnan Bashir, Dr. Sanjiv Chopra, Michael (Zappy) Zapolin and Dr. Eric Hoskins. In addition, shareholders reappointed MNP LLP as the company's auditor; approved a share consolidation resolution; approved a special resolution giving board members power to change the company’s name; passed a special resolution approving and ratifying the company's articles of amendment; and passed an ordinary resolution authorizing the board to approve the issue of additional Class A multiple voting shares.
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About FSD Pharma Inc.
FSD is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302) (“Lucid-MS”). Lucid-MS is a patented new chemical entity shown in preclinical models to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis. FSD Pharma invented unbuzzd(TM) and spun out its OTC version to Celly Nutrition, a company led by industry veterans. FSD retains ownership of 25.71% of Celly Nutrition Corp. The agreement with Celly Nutrition also includes royalty payments of 7% of sales from unbuzzd until payments to FSD Pharma total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Additionally, FSD Pharma retains a large tax loss carry forward of approximately C$130 million and could be utilized in the future to offset tax payable obligations against future profits. FSD Pharma retains 100% of the rights to develop similar product or alternative formulations specifically for pharmaceutical/medical uses. FSD Pharma maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represent loans secured by residential or commercial property. For more information about the company, please visit www.FSDPharma.com.
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