FSD Pharma updates on proposed Celly Nutrition dividend distribution

FSD Pharma announces that the company, “in the upcoming weeks,” will be announcing the record date for the company’s special dividend of shares of Celly Nutrition Corp., or “Celly Nu,” the holder of exclusive rights to FSD Pharma’s recreational alcohol misuse technology. “Led by beverage and marketing icons, Celly Nu is actively developing a first-in-class product that has been shown to effectively expedite alcohol metabolism. In the coming weeks shareholders of FSD Pharma will become shareholders in Celly Nu, assuming all customary conditions and approvals are achieved. The company believes this will be an optimal way to return value to its shareholders considering the structure of the licensing agreement between Celly Nu and FSD Pharma. Going forward, FSD Pharma shareholders, Celly Nu shareholders – which include Kevin Harrington and Gerry David – and both companies will be aligned to potentially capitalize on successes of Celly Nu. FSD Pharma shareholders will not only benefit from the growth of Celly Nu with the development and sales of products to organically build value, they will concurrently participate in the growth of FSD Pharma, which is entitled to a 7% royalty on all future gross revenue Celly derives from sales of products using the company’s technology,” FSD Pharma stated.