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FSD Pharma Acquires Prismic Pharmaceuticals

ME Staff

FSD Pharma (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) and US-based specialty R&D pharmaceutical company Prismic Pharmaceuticals finalized a deal for the acquisition of all of the issued and outstanding securities of Prismic by FSD Pharma.

Under to the terms of a securities exchange agreement, FSD Pharma has acquired all outstanding common and preferred shares of Prismic for approximately US$17.5 million, satisfied by the issuance of approximately 102.7 million Class B subordinate voting shares of FSD Pharma at a deemed price of C$0.2275 per FSD share.

In addition, FSD Pharma has agreed to assume approximately US$3.05 million of outstanding Prismic long- and short-term liabilities. All of the outstanding Prismic stock options and warrants have been converted into options and warrants to purchase FSD shares.

FSD Pharma Executive Co-Chairman and CEO Raza Bokhari states that “the Prismic acquisition represents strategic depth in the vision and mission of FSD Pharma and signals a paradigm shift in the overall outlook of the company.”

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