Quantum BioPharma (NASDAQ: QNTM) announced plans to issue a special dividend in the form of Contingent Value Rights (“CVRs”) to holders of its Class B Subordinate Voting Shares on a 1:1 basis. The CVRs will entitle shareholders to a pro rata share of between 10% and 50% of any net proceeds recovered from the company’s pending $700 million+ litigation against several banks over alleged stock manipulation. The payout percentage will be set by the board at a later date. CEO Zeeshan Saeed stated the CVRs aim to align shareholder interests with potential legal outcomes. The CVRs will be non-tradable, non-voting, and only payable in cash if funds are ultimately recovered. The record date has yet to be announced.
To view the full press release, visit https://ibn.fm/WAC4R
About Quantum BioPharma Ltd.
Quantum BioPharma is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), Quantum BioPharma is focused on the research and development of its lead compound, Lucid-MS. Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. Quantum BioPharma invented UNBUZZD(TM) and spun out its OTC version to a company, Celly Nutrition Corp. (“Celly Nutrition”), led by industry veterans. Quantum BioPharma retains ownership of 25.71% (as of June 30, 2024) of Celly Nutrition at www.unbuzzd.com. The agreement with Celly Nutrition also includes royalty payments of 7% of sales from unbuzzd(TM) until payments to Quantum BioPharma total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Quantum BioPharma retains 100% of the rights to develop similar products or alternative formulations specifically for pharmaceutical and medical uses. Quantum BioPharma maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represents loans secured by residential or commercial property.
NOTE TO INVESTORS: The latest news and updates relating to QNTM are available in the company’s newsroom at https://ibn.fm/QNTM
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