FSD Pharma (CSE: HUGE) is going to the big leagues. The firm announced this morning in a rather short news release that the firm has finally received approval to list its series B common shares on the Nasdaq stock exchange. The announcement follows a long road to achieving the approval from the exchange, including a large reverse split of its equity and a shift in its business strategy.
When FSD Pharma first announced its intent to list on a US big board exchange, the entire business plan was focused on being one of the largest cannabis growers in the world via their Cobourg, Ontario facility. Initially announced in October 2018, FSD saw their path to gaining Nasdaq listing approval via a previously announced acquisition of Therapix Biosciences (NASDAQ: TRPX).
This acquisition however saw Therapix walk away from the transaction a number of months later, dashing hope that investors had for a potential uplist to the big boards. However, determined to acquire such listing, the company then conducted a 1 for 201 reverse split of its series B common shares to get the equity to pricing requirements for listing on a major exchange.
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A cancelled acquisition and strategy pivot to that of pharmaceuticals later, and FSD Pharma has now received approval to list on the Nasdaq.
FSD Pharma shares are to commence trading on the Nasdaq in the “near future”, with no solid timeline given for the move. It’s unclear if the firm intends to remain dual listed on the Canadian Securities Exchange.
FSD Pharma last traded at $5.80 on the CSE.
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.
