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Quantum BioPharma (NASDAQ: QNTM) has filed a US federal lawsuit against CIBC World Markets, RBC Dominion Securities, and others, seeking damages exceeding $700 million USD for alleged stock price manipulation through spoofing. The lawsuit, filed on October 20, 2024, in the Southern District of New York, claims violations of the Securities Exchange Act of 1934 between January 1, 2020, and August 15, 2024.
The company alleges that the defendants used spoofing techniques to artificially depress Quantum BioPharma's stock price. In January 2020, the stock traded over $460 USD per share with a market cap near $1 billion, but as of October 18, 2024, it closed at $7.55 USD per share with a market cap under $15 million.
Law firms Christian Attar and Freedman Normand Friedland LLP are handling the case on a contingency basis. The company remains open to dialogue for an amicable solution with the involved banks and brokers.
Quantum BioPharma (NASDAQ:QNTM) has filed a $700 million USD lawsuit against CIBC World Markets, RBC Dominion Securities, and others in the US District Court for the Southern District of New York. The lawsuit alleges market manipulation through 'spoofing' techniques between January 1, 2020, and August 15, 2024, violating securities laws.
The company claims the defendants manipulated QNTM's stock price, causing significant harm to shareholders. Quantum's stock price fell from over $460 USD in January 2020 to $7.55 USD on October 18, 2024, reducing its market cap from nearly $1 billion to less than $15 million.
Law firms Christian Attar and Freedman Normand Friedland LLP are handling the case on a contingency basis. The company remains open to dialogue for an amicable solution with the involved parties.
Quantum BioPharma (NASDAQ: QNTM) has provided an update on Celly Nutrition Corp.'s signing of a Master Distribution Agreement with FUSION Distribution Group. This agreement covers Puerto Rico, The Caribbean, and parts of Central and South America. Celly Nutrition is launching unbuzzd™, an innovative beverage designed to support alcohol metabolism and promote alertness.
The partnership with FUSION, a leading brand incubator and distributor in the region, will introduce unbuzzd™ to new markets. The product is available on Amazon in Ready-to-Mix (RTM) powder sticks, with Ready-to-Drink (RTD) cans coming soon. FUSION's distribution network includes major retailers like Walmart, Walgreens, CVS, and Costco.
Celly Nutrition's CEO, John Duffy, formerly of Coca-Cola, and co-chair Gerry David, ex-CEO of Celsius Holdings, view this partnership as a significant opportunity for expansion in key vacation destinations where alcohol consumption is common.
Quantum BioPharma (NASDAQ:QNTM) has provided an update on Celly Nutrition Corp.'s recent developments. Celly Nu, led by former Coca-Cola executive John Duffy and co-chaired by ex-Celsius Holdings CEO Gerry David, has signed a master distribution agreement with FUSION Distribution Group. This partnership will introduce unbuzzd™, Celly Nu's innovative alcohol metabolism supplement, to Puerto Rico, the Caribbean, and parts of Central and South America.
unbuzzd™ is a scientifically formulated beverage product designed to support the body's natural processes for metabolizing alcohol and promoting alertness. It's currently available on Amazon as Ready-to-Mix (RTM) powder sticks, with Ready-to-Drink (RTD) cans coming soon. The partnership with FUSION, a leading brand incubator and distributor in the region, will expand unbuzzd's market presence through major retailers including Walmart, Walgreens, CVS, and Costco.
Quantum BioPharma (NASDAQ:QNTM, CSE:QNTM, FRA:0K91), a biopharmaceutical company focused on innovative assets and biotech solutions, has announced its participation in the ArcStone-Kingswood Growth Summit on September 26, 2024, in Toronto, ON. Jason Sawyer, Head of Finance and Mergers and Acquisitions, will present at the event, which features over 30 public and private companies and 47 sponsors from around the world.
The presentation is scheduled for 2:45 p.m. to 2:55 p.m., followed by a 2-minute Q&A session. Mr. Sawyer will discuss the company's growth potential and connect with key investors. The summit aims to create meaningful public companies that drive value for both management and investors. It will be held at the Sheraton Hotel in downtown Toronto.
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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