FCM says receives ‘significant support’ from Mind Medicine shareholders at AGM

FCM MM HOLDINGS commented on Mind Medicine’s announcement of preliminary results from the 2023 Annual General Meeting of Shareholders and thanks fellow shareholders for their significant show of support at the AGM. The firm said, “FCM has been advised that it won over 50% of the retail shareholder vote, underscoring the widespread concern about MindMed’s excessive spending, outrageous executive and director compensation, flawed corporate governance practices, and delayed and mismanaged clinical trials. FCM intends to continue fighting for all shareholders to prevent further value destruction at MindMed. FCM is disappointed that “passive” institutional investors who purport to advocate for “ESG” policies turned a blind eye to serious ethical lapses by current management and saw fit to give incumbent directors another chance…FCM will continue to place pressure on MindMed to live up to their promises to shareholders by: Providing top-line results for the two trials in MM-120 in 2023. Ensuring cash runway into the first half of 2025, without further dilution. Providing substantially enhanced transparency to all shareholders. Detailing its intellectual property strategy in 2023. Ensuring that “one-time” compensation grants to management and the Board are not repeated. FCM will also continue to place pressure on MindMed to act in the interest of its shareholders by: Not substantially diluting shareholders in another destructive financing. Aligning management compensation with shareholder value creation. Fixing MindMed’s bylaws to become compliant with NASDAQ listing rules.