FSD Pharma Inc. Class B Subordinate Voting Shares - HUGE STOCK NEWS

Quantum BioPharma (NASDAQ: QNTM) (CSE: QNTM), formerly FSD Pharma Inc., has completed its name change and 65:1 share consolidation. The company's Class B subordinate voting shares will trade under the new ticker symbol 'QNTM' on NASDAQ and CSE. After consolidation, Class B shares reduced from 84,531,149 to approximately 1,300,727, while Class A multiple voting shares decreased from 72 to 2.

The company also closed a non-brokered private placement, issuing 4 post-consolidation Class A Multiple Voting Shares at $18.00 each for gross proceeds of $72.00. Insiders Xorax Family Trust and Fortius Research and Trading Corp. purchased all Class A shares in this offering, which is considered a related-party transaction under MI 61-101.

FSD Pharma (NASDAQ: HUGE) announced a 1-for-65 share consolidation and a name change to Quantum BioPharma . The consolidation, effective August 15, 2024, aims to regain Nasdaq compliance. The company will trade under the new symbol 'QNTM' on both Nasdaq and CSE. Post-consolidation, Class A shares will reduce from 72 to 2, and Class B shares from 77,649,332 to approximately 1,194,852.

Additionally, FSD Pharma plans a non-brokered private placement of up to 4 post-consolidation Class A shares at $18.00 each, expected to be subscribed by entities controlled by Zeeshan Saeed and Anthony Durkacz. This offering aims to increase Class A voting rights from 20.42% to 58.15%, closer to the initial 75.87% when the company went public in 2018.

FSD Pharma (NASDAQ:HUGE) provides an update on its investment in Celly Nutrition Corp., which is set to launch unbuzzd™, an innovative beverage product designed to expedite alcohol metabolism and recovery. Created by a world-class pharmaceutical R&D team, unbuzzd™ will be available in stick pack form on Amazon later this month. The product aims to help process alcohol faster, restore mental alertness, and improve cognition.

Celly Nutrition, led by CEO John Duffy (formerly of Coca-Cola) and co-chaired by Gerry David (former CEO of Celsius Holdings), has completed its first production run. The company has also closed its first round of financing, issuing 6,833,332 common shares for gross proceeds of US$203,469. Celly Nutrition plans to extend its offerings to raise up to US$4 million for advancing business plans and working capital.

247marketnews.com has published a report on the functional beverage market, featuring FSD Pharma (NASDAQ: HUGE). The report highlights FSD Pharma's innovative product, unbuzzd™, a rapid alcohol detoxification drink designed to quickly restore mental alertness after alcohol consumption. FSD Pharma has partnered with industry veterans to form Celly Nutrition, led by Gerry David, former head of a fast-growing energy drink brand, and Kevin Harrington, a renowned Shark Tank investor who contributed to developing the Celsius Influencer marketing program. This strategic collaboration aims to position unbuzzd™ as a significant player in the functional beverage market, leveraging the team's expertise in product development and marketing.

FSD Pharma Inc. (NASDAQ: HUGE) held its annual general and special meeting of shareholders on July 22, 2024. Key outcomes include:

1. Election of seven directors until the next annual meeting
2. Re-appointment of MNP LLP as auditor
3. Approval of share consolidation up to 100:1 ratio
4. Authorization for potential company name change
5. Ratification of articles amendment expanding 'Permitted Holders' definition
6. Approval for potential issuance of additional Class A Multiple Voting Shares

The meeting saw representation of 100% of Class A Multiple Voting Shares and 35.45% of Class B Subordinate Voting Shares. All resolutions passed with significant majority votes.

247marketnews.com has published a report highlighting biotech developments in the small cap market, featuring FSD Pharma (NASDAQ: HUGE). The report focuses on FSD Pharma's innovative product, UNBUZZD™, a rapid alcohol detoxification drink designed to quickly restore mental alertness after alcohol consumption.

FSD Pharma has partnered with industry veterans to form Celly Nutrition, led by an experienced team including Gerry David, who previously headed a fast-growing energy drink brand, and Kevin Harrington, a renowned Shark Tank investor who contributed to developing the Celsius Influencer marketing program. This collaboration aims to leverage their expertise in the beverage and marketing sectors to promote UNBUZZD™.

FSD Pharma has filed an Amended and Restated Material Change Report (MCR) to provide additional details on its private placement offering of Class A Multiple Voting Shares (MVS) that closed on December 5, 2023. The amendments include clarifying the term for restricted Class B Subordinate Voting Shares, detailing the purpose and effects of the Offering, and discussing the board's approval process and prior valuations.

Pursuant to a Plan of Arrangement, shareholders received new MVS, Class B Subordinate Voting Shares, and Distribution Warrants. Significant changes include the issuance of new MVS to consolidate voting control among Permitted Holders. The board approved the Offering after excluding discussions with interested directors Zeeshan Saeed and Anthony Durkacz, who abstained from voting.

In the Offering, insiders, including Xorax Family Trust and Fortius Research and Trading Corp., participated, making it a 'related party transaction'. The company did not conduct any formal valuations within the last 24 months and was exempt from certain regulatory requirements due to the transaction size. Shareholders will vote on related Article Amendments at the upcoming July 22, 2024, meeting.

FSD Pharma, a biopharmaceutical company, announced a corporate update on June 28, 2024. The company has engaged Totaligent to enhance market awareness and engage with shareholders and other market participants. Totaligent, with over 25 years of experience, has a database of 32 million active investors and utilizes various communication channels including email, SMS, social media, and digital media. The engagement is for 30 days, costing $30,000 USD, and can be terminated with a 5 business day notice. Additionally, FSD Pharma issued 650,000 Class B shares at $0.30 per share to settle $195,000 of debt with arm's length creditors.

On June 27, 2024, the United States District Court for the Eastern District of Pennsylvania confirmed FSD Pharma's motion for entry of judgment in favor of FSD Pharma against Dr. Raza Bokhari. The judgment totals USD $147,301.04, plus interest from November 9, 2022, and various CAD amounts totaling CAD $2,861,141.70, plus interest from respective dates until satisfied. Dr. Bokhari, former CEO of FSD Pharma and current Chairman and CEO of Medicus Pharma, was terminated by FSD's board in July 2021, leading to arbitration. After an eight-day hearing, the arbitrator ruled in favor of FSD, awarding damages and arbitration costs. The court upheld these awards under the New York Convention, rejecting Bokhari's objections. FSD Pharma is committed to enforcing this judgment.