FSD Pharma (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A), a life sciences holding company dedicated to building a portfolio of assets and biotech solutions, is repurchasing up to 2 million company shares. The company announced that its board of directors had approved the move, which allows the company to purchase the shares over the next year at prevailing market prices. The repurchasing plan, which begins on Jan. 4, 2022, and ends on Dec. 30, 2022 (unless the company ends the program earlier), allows FSD Pharma to use its excess cash reserves to strategically return value to shareholders. The plan calls for the company to purchase up to 2 million subordinate voting shares, which is approximately 5% of the company’s issued and outstanding subordinate voting shares. “FSD Pharma is focused on the advancement of its drug candidates toward the clinic,” said FSD Pharma interim CEO Anthony Durkacz in the press release. “However, with over $39.3 million in cash and cash equivalents on our balance sheet as of Sept. 30, 2021, we recognize there may be a strategic opportunity to enhance shareholder value without compromising our ambitious growth plans. We believe that our stock is significantly undervalued. This will allow us to continue investing in our future, while, at the same time, also investing in the exceptional value that our own shares represent.”
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About FSD Pharma Inc.
FSD Pharma is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences Inc., a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, ultra-micronized palmitoyl ethylamine (“PEA”) or FSD-PEA, formerly called FSD-201. Lucid Psycheceuticals Inc. is a wholly owned subsidiary focused on the research and development of FSD Pharma’s lead compounds, Lucid-PSYCH (formerly Lucid-201) and Lucid-MS (formerly Lucid-21-302). Lucid PSYCH is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders. For more information about the company, please visit www.FSDPharma.com.
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