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Quantum BioPharma (NASDAQ: QNTM) has closed a non-brokered private placement, issuing 6 Class A multiple voting shares at $6.00 each for gross proceeds of $36.00. The offering involved related-party transactions with insiders Xorax Family Trust and Fortius Research and Trading Corp. Following the offering, Xorax now owns 50% of outstanding Class A Shares and 34.28% of voting rights, while Fortius owns 50% of outstanding Class A Shares and 34.06% of voting rights. The company plans to use the proceeds for general working capital purposes. The transaction was exempt from formal valuation and minority shareholder approval requirements under MI 61-101.
Quantum BioPharma (NASDAQ:QNTM) has signed an agreement with Ingenu CRO Pty to conduct a clinical study observing disease progression in patients with primary progressive multiple sclerosis. The study, announced on September 9, 2024, will be carried out through Quantum's subsidiary, HUGE Biopharma Australia Pty This observational study is a important step towards initiating a future phase 2 clinical trial with Lucid-21-302 (Lucid-MS), advancing Quantum's multiple sclerosis research program. Dr. Andrzej Chruscinski, VP of Scientific and Clinical Affairs at Quantum Biopharma, expressed enthusiasm about the collaboration, highlighting its importance in progressing their MS research efforts.
Quantum BioPharma (NASDAQ:QNTM) has regained compliance with Nasdaq's minimum bid price requirement, ensuring continued listing on the exchange. The company has also completed debt settlements of $450,000 each with three executives through the issuance of 248,160 Class B Shares at $5.44 per share. Additionally, Quantum BioPharma announced a non-brokered private placement of up to 6 Class A Shares at $6.00 per share, expected to be subscribed by entities controlled by Zeeshan Saeed and Anthony Durkacz. This offering aims to increase Class A Share voting rights to 64.13%. The company also granted 12,500 stock options and 7,500 RSUs to a director and consultants, and cancelled 7,692 warrants previously granted to a board member.
Quantum BioPharma (NASDAQ:QNTM) announces the launch of unbuzzd™, a revolutionary alcohol recovery product, on Amazon.com. Developed by Celly Nutrition, backed by Quantum BioPharma's R&D team, unbuzzd™ is designed to accelerate alcohol metabolism and promote faster recovery. The product is led by CEO John Duffy, former Coca-Cola executive, and co-chaired by Gerry David, former CEO of Celsius Holdings.
unbuzzd™ utilizes a proprietary blend of vitamins, minerals, and herbs to restore mental clarity and hydration. The leadership team includes Kevin Harrington, Original Shark on Shark Tank, and Dr. Eric Hoskins, former Minister of Health for Ontario, Canada. This launch marks a significant step in innovative alcohol recovery solutions, offering consumers a convenient way to manage the aftermath of alcohol consumption.
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.
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