FSD Pharma Inc. is consolidating its class A multiple voting shares and its class B subordinate voting shares, each on a 1-to-201 basis.
Following consolidation, there will be 72 issued and outstanding class A shares, representing 276,660 votes or about 72% of FSD's voting rights.
Cobourg, Ontario-based FSD expects to commence trading the class B shares on the Canadian Securities Exchange on a post-consolidation basis under its existing name and ticker symbol starting Oct. 16, with a record date of Oct. 17.
The consolidation will reduce the number of FSD's issued and outstanding class B shares to about 7,874,809 from 1,582,966,252. This will allow the company to list class B shares on a major U.S. exchange.
Following the consolidation, the company will have about 1,033,782 stock options and warrants to purchase 576,499 class B shares outstanding.
Additionally, FSD said it appointed Stephen Buyer, a former U.S. representative from Indiana, to its board.