PsychedelicNewsBreaks – FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) Announces Approval of the Plan of Arrangement with Celly Nu

Company: FSD Pharma Inc. (HUGE)
Category: News

FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions, today announced that FSD Pharma securityholders (as defined in the announcement) have approved the previously disclosed plan of arrangement under section 182 of the Business Corporations Act (Ontario) pursuant to which common shares in the capital of Celly Nutrition Corp. (“Celly Nu”) will be distributed to the holders of class A multiple voting shares, class B subordinate voting shares, and holders of warrants exercisable for the purchase of class B subordinate voting shares as outlined in the press release. Further details regarding the arrangement are described in the management information circular dated Oct. 20, 2023, and the supplement to the circular dated Nov. 15, 2023, each of which is available under the company’s profile on SEDAR+. Subject to the satisfaction of all applicable closing conditions, the Celly Nu Shares will be distributed to FSD Pharma securityholders as of the record date of Nov. 28, 2023, on the distribution date of Nov. 29, 2023. The ex-dividend date is Nov. 27, 2023. As disclosed in the supplement, the Celly Nu shares that will be distributed to the FSD Pharma securityholders under the arrangement will be subject to restrictions on transfer. The arrangement remains subject to the satisfaction or waiver of certain other closing conditions customary in a transaction of this nature, including the receipt of a final order from the Ontario Superior Court of Justice approving the arrangement. Subject to satisfaction of the remaining conditions, the arrangement is expected to close at or around the end of November 2023.

To view the full press release, visit https://ibn.fm/YsBzv

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., FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302). 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(TM), 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.

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