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

FSD Pharma Inc. (Nasdaq: HUGE) has appointed Mr. Adnan Bashir as an independent director following Mr. Frank Lavelle's resignation. With over 14 years in strategic management, Bashir's experience includes turning around business operations and implementing new technologies. This appointment fills a Board vacancy and aims to strengthen FSD’s leadership. Additionally, the company announced the grant of stock options to directors and officers, allowing the purchase of 2,170,000 shares at C$2.25, expiring in three years.

FSD Pharma Inc. is requesting the removal of their May 13, 2021 press release titled 'FSD Pharma Announces Filing of Criminal Complaint Against Former Chief Financial Officer.' This appeal comes after the initial communication regarding legal actions against their former CFO. The company aims to clarify the situation surrounding this matter, indicating a shift in focus away from the previous announcement. Stakeholders should note this development as it may impact the company's legal standing and public perception.

FSD Pharma (Nasdaq: HUGE) announced results from its annual shareholder meeting on May 14, 2021, where 54.17% of votes were represented. The board now has seven directors, including nominees from the Concerned Shareholders, who were elected despite the resignation of Frank Lavelle. Anthony Durkacz and Zeeshan Saeed were appointed as Executive Co-Chairmen. Shareholders rejected a resolution to reorganize share capital but approved MNP LLP's reappointment as auditor. A shift of the registered office to Toronto was also authorized, reflecting a strategic repositioning for growth.

FSD Pharma Inc. (Nasdaq:HUGE) has filed a criminal complaint against former CFO Donal Carroll, alleging interference with the company's banking during a proxy contest. The complaint accuses Carroll of committing fraud and breach of trust. The company suspects that both Carroll and dissident shareholder Anthony Durkacz aimed to disrupt its clinical trials and shareholder meetings. FSD Pharma continues to assess responses to these allegations while focusing on advancing its research and development efforts in the pharmaceutical sector.

FSD Pharma (Nasdaq: HUGE) has submitted an Investigational New Animal Drug Application (IND) to the FDA for FSD201, aimed at treating gastrointestinal enteropathy in dogs. The proposed trial will involve up to 200 dogs and will assess the effectiveness of FSD201 against a placebo over a 30-day period. Additionally, the company encourages shareholders to support Management Director Nominees ahead of the Annual Meeting, emphasizing the elimination of the dual-class share structure. The first quarter financial results have also been filed and can be accessed via SEDAR.

FSD Pharma Inc. (Nasdaq: HUGE) has appointed Nathan Coyle as Interim Chief Financial Officer, following the departure of Donal Carroll. Coyle, who joined the company in 2020 as Corporate Controller, brings 15 years of financial leadership experience, notably from his role at Illinois Tool Works, where he contributed to restructuring and growth initiatives. He holds a Bachelor of Business Administration and is a Chartered Professional Accountant.

FSD Pharma Inc. (Nasdaq:HUGE) alerts shareholders about a proxy contest initiated by dissident shareholders. The Company emphasizes the need for shareholders to vote in favor of management's proposed director nominees at the upcoming Annual & Special Meeting on May 14, 2021. FSD Pharma announces support from former Senator Rick Santorum as the independent chair of the Meeting. Additionally, the Company is focused on advancing its lead compound, FSD-201, and exploring M&A opportunities, including a potential acquisition of a late-stage asset expected to gain FDA approval soon.

FSD Pharma Inc. (Nasdaq:HUGE) has filed its Management Information Circular ahead of the May 14, 2021, Annual & Special Meeting. The Company urges shareholders to vote FOR management's nominees using the BLUE proxy, emphasizing that this strategy aims to enhance shareholder value and voting power. A critical point is the potential acquisition of a late-stage asset, which could be jeopardized by dissident shareholders' actions. The Company highlights ongoing clinical studies and a strong cash position, advocating for management's experienced team to navigate future growth.

On April 5, 2021, a group of Concerned Shareholders led by Anthony Durkacz announced an appeal from FSD Pharma Inc. regarding a March 5 court decision mandating an earlier annual meeting on May 14, 2021. The appeal aims to postpone the meeting back to June 29, 2021, and lift voting restrictions on shares issued after January 4, 2021. Durkacz criticizes the appeal as a misuse of company resources and a tactic by FSD management to evade accountability, particularly against a backdrop of inflated compensation awarded to directors.