FSD Pharma Announces Special Dividend Distribution of Celly Nu Shares
FSD Pharma Inc. (NASDAQ:HUGE)(CSE:HUGE)(FRA:0K9A) is set to issue a special dividend of shares in Celly Nutrition Corp. (Celly Nu) to its shareholders, pending customary conditions and approvals. Celly Nu, holding exclusive rights to FSD Pharma’s technology aimed at addressing recreational alcohol misuse, is advancing a product designed to accelerate alcohol metabolism.
The dividend distribution will be on a 1:1 ratio, granting shareholders an equivalent share in Celly Nu for every share or warrant held in FSD Pharma. Approximately 45.7 million Celly Nu Shares will be distributed to FSD Pharma securityholders, with FSD Pharma retaining an estimated 154.3 million shares.
FSD Pharma expresses optimism regarding this strategy to enhance stakeholder value, highlighting the potential success of Celly Nu’s product and a 7% royalty on all future gross revenue from sales utilizing FSD Pharma’s technology.
The record and distribution dates for the special dividend will be announced shortly. This move presents a unique opportunity for shareholders to partake in the market potential of a novel solution for alcohol misuse and FSD Pharma’s growth prospects. A special meeting to vote on the proposed plan is scheduled for November 20, 2023, with a final approval hearing on November 24, 2023.
This strategic initiative by FSD Pharma emphasizes the company’s dedication to innovation and value creation in the life sciences sector, focusing on neurodegenerative, inflammatory, and metabolic disorders through ongoing research and development of advanced therapeutics.
