FSD Pharma Announces Share Consolidation and Name Change

Toronto, Ontario--(Newsfile Corp. - August 9, 2024) - FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FSE: 0K9) ("FSD Pharma" or the "Company"), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions, is pleased to announce the proposed consolidation of its issued and outstanding class A multiple voting shares ("Class A Multiple Voting Shares") and class B subordinate voting shares ("Class B Subordinate Voting Shares") of the Company on the basis of one (1) post-consolidation Class A Multiple Voting Share and Class B Subordinate Voting Share for every sixty-five (65) pre-consolidation Class A Multiple Voting Shares and Class B Subordinate Voting Shares (the "Consolidation"). This ratio is within the ratio range approved by the Company's stockholders at its annual general and special meeting held on July 22, 2024.

The Company will also change its name to "Quantum BioPharma Ltd." (the "Name Change"), and, subject to approval by The Nasdaq Capital Market ("Nasdaq"), the Class B Subordinate Voting Shares will commence trading on the Canadian Securities Exchange (the "CSE") and Nasdaq under the new trading symbol "QNTM" on both the CSE and Nasdaq at the market open on August 15, 2024.

The Consolidation is expected to be effective at 12:01 a.m., Eastern time, on August 15, 2024 and the Company's Class B Subordinate Voting Shares will begin trading on a post-Consolidation basis at the market open on Nasdaq and the CSE on August 15, 2024 under the trading symbol "QNTM". The Consolidation is part of the Company's plan to regain compliance with the minimum bid price requirement for continued listing on Nasdaq.

As a result of the Consolidation, the 72 Class A Multiple Voting Shares currently issued and outstanding will be reduced to 2 Class A Multiple Voting Shares. As a result of the Consolidation, the 77,649,332 Class B Subordinate Voting Shares currently issued and outstanding will be reduced to approximately 1,194,852 Class B Subordinate Voting Shares. No fractional Class A Multiple Voting Shares and Class B Subordinate Voting Shares will be issued as a result of the Consolidation. If the Consolidation would otherwise result in the issuance of a fractional Class A Multiple Voting Shares or Class B Subordinate Voting Shares, no fractional Class A Multiple Voting Shares or Class B Subordinate Voting Shares shall be issued, and such fraction will be rounded up to the nearest whole number.