FCM: MindMed’s plan to hold AGM regardless of participation ‘appalling’

“FCM Holding condemns Mind Medicine for its apparent plan to manipulate its corporate machinery to follow through with its 2023 annual general meeting and election of directors without earning the substantive support of its shareholders. At today’s AGM, MindMed failed to satisfy the basic legal requirement for shareholders to take action at the meeting – the presence of 1/3 of its shares at the AGM. FCM contends this extraordinarily low level of shareholder participation reflects deep shareholder dissatisfaction and MindMed’s persistent refusal to meaningfully engage with shareholders. Despite not achieving quorum at the AGM, MindMed has announced its intention to hold an adjourned meeting on June 21 regardless of the level of shareholder participation. This flies in the face of MindMed’s own public disclosures in its regulatory filings that 12,863,281 shares must be voted at the AGM for it to be valid. Now, MindMed says that whoever shows up at its adjourned AGM – even a single share – will be enough! “MindMed’s inability to meet quorum is illustrative of the Company’s failure to engage shareholders and a symptom that the shareholder base is frustrated with current management. It is unfortunate, but not surprising, that the board would take inappropriate actions which imperil MindMed’s future to protect the entrenched board,” says Mr. Vivek Jain, FCM nominee.,” said Mind Medicine investor FCM.