Its Class A multiple voting shares and Class B subordinate voting shares will be consolidated on a 1-to-201 basis
Inc () (OTCQB:FSDDF) announced Friday it has appointed former US Representative Stephen Buyer to the board of directors.
The company also announced that it will complete a consolidation of its Class A multiple voting shares and its Class B subordinate voting shares, each on a 1-to-201 basis, according to a statement.
Buyer served nine consecutive terms in the US House from January 1993 to January 2011, representing Indiana’s 4th and 5th Congressional Districts. He sat on the Veterans Affairs, Armed Services, Judiciary, Energy and Commerce committees, and also served on the Military Compensation and Retirement Modernization Commission.
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Buyer is presently the managing partner of the 10-Square Solution LLC, focusing on business development, mergers and acquisitions, and representation before the federal government.
“In welcoming Steve Buyer to the FSD Pharma board of directors and announcing a share consolidation, the company has made an immense positive stride forward,” said CEO Dr Raza Bokhari, who noted that “his broad leadership experience and pharmaceutical industry relationships will help enhance our visibility, especially among US Institutional investors and on Capitol Hill.”
Bokhari added: “The share consolidation or reverse split of our stock is timed to advance our strategic plan to raise the profile of our company in the US capital markets, which includes listing on a major US stock exchange in the near future.”
FSD Pharma said the stock consolidation will be effective on October 16 with a record date of October 17. The company expects to begin trading the Class B shares on the Canadian Securities Exchange on a post-consolidation basis under its existing name and ticker symbol.
The company currently has nearly 1,582,966,252 Class B shares outstanding and the consolidation will reduce the issued and outstanding Class B shares to about 7,874,809 Class B shares. Shareholders approved the consolidation on January 22, and the move will allow the company to continue to pursue the listing of the Class B shares on a major US exchange.
In addition, after the consolidation, there will be about 1,033,782 stock options and warrants to purchase 576,499 Class B shares outstanding.
And post-consolidation, there will be 72 Class A shares issued and outstanding, with each Class A share representing 276,660 votes on all matters. Based on the current outstanding number of FSD Shares, the Class A shares collectively represent about 72% of voting rights.
Cobourg, Ontario-based FSD Pharma is focused on the research and development of cannabinoid-based treatments for several central nervous system disorders including fibromyalgia, and irritable bowel syndrome. It also grows medical-grade cannabis at its 25,000 square foot facility in Ontario.
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