InvestmentPitch Media Video Discusses FSD Pharma’s Announcement that the Claim for US$30.2 Million Brought by Dr. Raza Bokhari, the Company’s Former CEO, has been Dismissed in its Entirety

Rhea-AI Summary

FSD Pharma (NASDAQ: HUGE) announced the dismissal of a US$30.2 million claim by former CEO Dr. Raza Bokhari regarding wrongful dismissal. The arbitrator ruled in favor of FSD Pharma, mandating Dr. Bokhari to repay specific amounts and cover the company's arbitration costs. The current management expressed satisfaction with this outcome, viewing it as a vindication of their actions during a past proxy battle. FSD Pharma maintains a robust financial position to support its ongoing drug development initiatives, with shares trading at $1.37 on the CSE.

Positive

• Claim dismissal by Dr. Bokhari seen as a positive for management's credibility.
• FSD Pharma has a strong cash position for over three years of operations.
• Current share price at $1.37 indicates potential investor interest.

Negative

• None.

VANCOUVER, British Columbia, Nov. 15, 2022 (GLOBE NEWSWIRE) -- FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions to address ailments affecting millions worldwide, reported that the claim for US$30.2 million brought by Dr. Raza Bokhari, the company’s former CEO, has been dismissed. Dr. Bokhari’s claim that he had been wrongfully dismissed has been dismissed it in its entirety by the arbitrator hearing the claim. Furthermore, the arbitrator ordered Dr. Bokhari to repay certain monies to FSD Pharma, in addition to holding Dr. Bokhari responsible for FSD Pharma’s costs of the arbitration.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “FSD Pharma” in the search box.

Zeeshan Saeed, Founder and President, stated: “The outcome of the arbitration represents a full vindication of the actions of the current management and board of directors of FSD Pharma with respect to Dr. Bokhari, prior to, during and subsequent to the 2021 proxy battle. We are happy to report to our shareholders that this claim has been resolved fully in our favour.”

Anthony Durkacz, Founder and Interim CEO, added: “We have always believed that Dr. Bokhari’s claims against the Company were without merit. We are pleased to hear that the tribunal has now dealt with the claims. We are looking forward to putting this behind us and focusing our efforts on advancing our drug candidates and creating value for our shareholders.”

FSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development.

FSD BioSciences, Inc., a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, FSD201, an ultra-micronized PEA, for the treatment of inflammatory diseases. Lucid Psycheceuticals Inc., a wholly owned subsidiary, focused on the research and development of its lead compounds, Lucid-Psych and Lucid-MS, is led by Dr. Lakshmi P. Kotra, B.Pharm.(Hons), Ph.D. Lucid-Psych is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders, such as multiple sclerosis, for which no treatment currently exists.

The company has a strong cash position to cover more than 3 years of operations including its 3 planned clinical trials. The shares are currently trading at $1.37 on the Canadian Securities Exchange.

For more information, please visit the company’s website, www.FSDpharma.com, or contact Zeeshan Saeed, contact Zeeshan Saeed, Founder, President and Executive Co-Chairman, at 416-854-8884 or email info@FSDPharma.com or IR@FSDPharma.com.

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Disclaimer

The information in this Investmentpitch Media Ltd video is for the viewers information only. FSD Pharma has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

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FAQ

What was the outcome of the arbitration involving FSD Pharma and Dr. Bokhari?

The arbitration resulted in the dismissal of Dr. Bokhari's US$30.2 million claim for wrongful dismissal.

How does the arbitration ruling affect FSD Pharma's management?

The ruling is seen as a vindication of the current management and board's actions during the proxy battle.

What is the current stock price of FSD Pharma?

FSD Pharma's shares are currently trading at $1.37 on the Canadian Securities Exchange.

How long can FSD Pharma sustain operations with its cash position?

FSD Pharma has enough cash to cover over three years of operations, including planned clinical trials.