Quantum BioPharma Ltd C.QNTM

Another news!

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TORONTO, March 8, 2021 /CNW/ - The group of concerned shareholders (the "Concerned Shareholders") of FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9) (the "Company" or "FSD") which includes two founding directors, Anthony Durkacz and Zeeshan Saeed, are pleased to announce that they were successful in their request that the Ontario Superior Court of Justice (Commercial List) (the "Court") order the Company to accelerate the date of its previously called annual shareholders' meeting

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The meeting will now be held on May 14, 2021. As a result of this earlier meeting date, the special meeting of the Company's shareholders called by the Concerned Shareholders for March 31, 2021 will not be required.

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This earlier meeting date will allow FSD to deal with the issues raised by the Concerned Shareholders while finally satisfying FSD's obligation to hold its long-overdue annual shareholders' meeting – an outcome that is in the best interest of all FSD shareholders.

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As requested by the Concerned Shareholders, the Court also ordered that Dr. Raza Bokhari, the Chair of FSD's board of directors (the "Board") and the Company's Chief Executive Officer, not act as chair of the meeting. Instead, an independent person will be appointed to ensure that the meeting is run in a fair and orderly fashion.

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The Concerned Shareholders have identified many actions by Dr. Raza Bokhari and other board members, Stephen Buyer, Robert Ciaruffoli, James Datin, Gerald Goldberg and Larry Kaiser, that have harmed shareholders. 

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Among these is the issuance of at least 13,196,764 of Class B shares in just seven weeks – over 68% of the number outstanding on January 4, 2021, the date of the Concerned Shareholders' requisition of a shareholder meeting (the "Requisition Date"). These entirely unjustified issuances at a time when the Class B shares were already devalued have driven the share price to all

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During this time, Dr. Raza Bokhari, Stephen Buyer, Robert Ciaruffoli, James Datin, Gerald Goldberg and Larry Kaiser, have lined their pockets by awarding themselves cash and Class B shares for services yet to be provided. The value of the 1,173,709 Class B shares issued to Dr. Raza Bokhari on February 10, 2021 was at least $5.7

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Board members Stephen Buyer, Robert Ciaruffoli, James Datin, Gerald Goldberg and Larry Kaiser awarded themselves compensation in the form of cash and Class B shares equal to nearly $1 million. Compensation on this scale for serving a company the size of FSD, at a time when its shares are trading at all-time lows and stock markets are at all-time highs, is

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As suggested by the Concerned Shareholders during the course of the hearing, the Court ordered that the votes attached to shares issued since the Requisition Date to Dr. Raza Bokhari, Stephen Buyer, Robert Ciaruffoli, James Datin, Gerald Goldberg and Larry Kaiser and any entities related to any of them not be counted at the upcoming meeting.

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The Concerned Shareholders are relieved by the Court's decision as it will help ensure that the many issues arising from the misconduct of Dr. Raza Bokhari and the members of the Board that have enabled him, Stephen Buyer, Robert Ciaruffoli, James Datin, Gerald Goldberg and Larry Kaiser, are addressed by the Company's shareholders expeditiously.

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At the meeting, Shareholders will have the opportunity to determine FSD's future by voting to replace Dr. Raza Bokhari, Stephen Buyer, Robert Ciaruffoli, James Datin, Gerald Goldberg and Larry Kaiser with three new, highly qualified directors having a depth of relevant experience in the biotechnology and pharmaceutical industries.

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These new directors have strong track records of integrity and success and will bring to FSD a wealth of critical experience in the areas of public company governance, accounting, finance, capital markets and law.