HUGE:CC - InvestorNewsBreaks - FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) Releases Status Update on Proposed Celly Nu Dividend Distribution
FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions, will soon be announcing the record date for the company's special dividend of shares of Celly Nutrition Corp. According to the announcement, Celly Nu is the holder of exclusive rights to FSD Pharma's revolutionary recreational alcohol misuse technology. Based on a previously announced arrangement, FSD Pharma shareholders will become Celly Nu shareholders, assuming certain conditions and approvals are met. The arrangement calls for common shares in the capital of Celly Nutrition to be distributed to FSD Pharma securityholders on a proposed distribution date; that date will be announced in the coming weeks.
The dividend ratio for the distribution is 1:1, meaning that for every FSD Pharma share or warrant held by an investor, one Celly Nu share will be delivered to that investor. “The company believes this will be an optimal way to return value to its shareholders considering the structure of the licensing agreement between Celly Nu and FSD Pharma,” stated the company in the press release. “Going forward, FSD Pharma shareholders, Celly Nu shareholders — which include Kevin Harrington and Gerry David — and both companies will be aligned to potentially capitalize on successes of Celly Nu. FSD Pharma shareholders will not only benefit from the growth of Celly Nu with the development and sales of products to organically build value, they will concurrently participate in the growth of FSD Pharma, which is entitled to a 7% royalty on all future gross revenue Celly derives from sales of products using the company's technology.”
To view the full press release, visit https://ibn.fm/KWaT5
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, inflammatory 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 to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. FSD is also focused on the research and development of UNBUZZD™, a proprietary formulation of natural ingredients, vitamins, and minerals to help with liver and brain function for the purposes of quickly relieving individuals from the effects of alcohol consumption. FSD 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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