FSD Pharma Provides Update on Proposed Dividend Distribution for Shareholders of FSD Pharma to Receive Shares of Celly Nutrition on a One for One Basis

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[{"type":"text","content":"FSD Pharma Provides Update on Proposed Dividend Distribution for Shareholders of FSD Pharma to Receive Shares of Celly Nutrition on a One for One BasisTORONTO, ON / ACCESSWIRE / November 7, 2023 / FSD Pharma Inc. (NASDAQ:HUGE)(CSE:HUGE)(FRA:0K9A) (\"FSD Pharma\" or the \"Company\"), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions,is pleased to announce that the company, in the upcoming weeks will be announcing the record date for the Company's special dividend of shares of Celly Nutrition Corp. (\"Celly Nu\"), the holder of exclusive rights to FSD Pharma's revolutionary recreational alcohol misuse technology. Led by beverage and marketing icons, Celly Nu is actively developing a first-in-class product that has been shown to effectively expedite alcohol metabolism. In the coming weeks shareholders of FSD Pharma will become shareholders in Celly Nu, assuming all customary conditions and approvals are achieved. The Company believes this will be an optimal way to return value to its shareholders considering the structure of the licensing agreement between Celly Nu and FSD Pharma. Going forward, FSD Pharma shareholders, Celly Nu shareholders - which include Kevin Harrington and Gerry David - and both companies will be aligned to potentially capitalize on successes of Celly Nu. FSD Pharma shareholders will not only benefit from the growth of Celly Nu with the development and sales of products to organically build value, they will concurrently participate in the growth of FSD Pharma, which is entitled to a 7% royalty on all future gross revenue Celly derives from sales of products using the Company's technology.The Details:Further to its press releases of October 5, 2023 and October 24, 2023, the Company plans, subject to the satisfaction of all applicable closing conditions, to implement the plan of arrangement (the \"Arrangement\") by distributing common shares in the capital of Celly Nutrition Corp. (\"Celly Nu Shares\") to FSD Pharma securityholders (as defined below) on the proposed distribution date of which will be announced in the upcoming weeks, (the \"Proposed Distribution Date\"). Only if you are a shareholder or warrant holder of record of a FSD Pharma as of 5 PM ET on the record date (which will be announced as well along with the distribution date), will you receive...

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