FSD Pharma Inc. (CNSX:HUGE) agreed to Spin-Off Pubco on April 12, 2023. Pubco will be separated into an independent public company, all shareholders of the Company will exchange their shares in the capital of the Company, for the same number of existing shares of the Company and common shares in the capital of the Pubco on a pro rata basis. Following the Spin-out Transaction, FSD Pharma will remain listed on the NASDAQ Stock Market and Canadian Securities Exchange.
The completion of the Spin-out Transaction is subject to shareholders, court regulatory and the satisfaction of customary closing conditions. FSD Pharma will hold an annual general and special shareholders meeting on June 29, 2023, where Shareholders will be able vote on the Spin-out Transaction. As of May 12, 2023, For Spin-Out transaction the necessary documentation for shareholder approval will not be ready in time for mailing deadline for the June 29, 2023, therefore, the shareholders meeting on June 29, 2023 will proceed as a general annual meeting of FSD Pharma shareholders and the company will schedule a separate special meeting to approve the Spin-Out in the future.
The record date for shareholders entitled to vote at the Meeting will be May 15, 2023. Transaction is expected to be completed in July 2023. As of May 31, 2023, the Board approved the Reverse Stock Split at a reverse stock split ratio of 1-for-10."