GrahamB wrote: Funny how this update implies, imo, that the shareholders approved this reverse split.
if you remember equity gurus comments here in 2018-it was right on the mark:
"FSD Pharma (HUGE.C) has over 1.3 billion Class B Subordinate sharesout. I’m sure that seems like a lot of votes, until you understand there are 15,000 Class A voting shares held by insiders, each of which are worth a whopping 276,660 Class B votes, for a total of 4,149,900,000.
Which means the untradeable Class A shares that were divvied up before the company went public will win every vote, for every thing. The CEO could decide he’s going to pivot into human trafficking, and there’s not a damn thing your votes can do about it.
Maybe the execs wanna give themselves a 500% pay rise and a few million in bonuses, just cuz? Instant approval.
Company crashes but the well paid execs don’t want to be fired? They can just vote not to fire themselves.
Hefty acquisition offer lands, but the execs feel like they should get a special bonus for agreeing to it? They can decide to reject the offer if they don’t get a sweetener, effectively killing the deal, and there’s nothing you can do about it."
source :equity guru