Psychedelics-focused biopharma company Mind Medicine Inc. (NASDAQ:MNMD), (NEO:MMED), (DE:MMQ) confirmed Wednesday that all the company’s issued and outstanding multiple voting shares will undergo a mandatory conversion into subordinate voting shares in accordance with the company’s articles. The conversion will be effective March 14, 2022.
MindMed’s transfer agent will provide requisite notice to each holder of multiple voting shares. On the effective date, the multiple voting shares will automatically, without any action on the part of MVS holders, be converted into subordinate voting shares on the basis of one multiple voting share for 100 subordinate voting shares, and in the case of fractions of multiple voting shares, such number of subordinate voting shares as is determined by multiplying the fraction by 100.
Pursuant to the conversion, there will be no multiple voting shares issued and outstanding, and the company will have a single class of shares, the subordinate voting shares, issued and outstanding.
“This conversion reflects an important step that solidifies our transformation into a primarily U.S. based company, and an opportunity to simplify our capitalization structure for the benefit of existing and new shareholders,” stated Robert Barrow, chief executive officer and director of MindMed. “We are rapidly maturing and look forward to providing additional updates on our progress as we continue to drive our business and the psychedelic industry forward.”
Photo: Courtesy of Mathew Schwartz on Unsplash
