FSD Pharma (CSE: HUGE) announced this morning that it will be completing a share consolidation a 1 for 201 basis, while also simultaneously announcing that they former Congressman Stephen Buyer to the board of directors.
The news of the share consolidation, which has been viewed as a long time coming by many industry watchers, comes on the heals of FSD Pharma continuing to slide in valuation. The equity, once valued as high as $0.89 per share, has slid to a 52-week low of $0.05 as of late as the company has continuously failed to execute on its original operating strategy.
The share consolidation, at a mind boggling 1 for 201 basis, results in the currently outstanding 1,582,966,252 shares being whittled down to 7,874,809 shares. The move is justified by the company as being a requirement if the firm is to list on a major US exchange, due to minimum pricing requirements of such exchanges. 1,033,782 options and 576,499 warrants will remain outstanding on the equity as a result of the consolidation as well.
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The share consolidation will be effective as of October 16, 2019, with the record date for the consolidation being that of October 17, 2019.
FSD Pharma closed yesterday’s session at $0.055 per share on the Canadian Stock Exchange.
Information for this briefing was found via Sedar, and FSD Pharma. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
