- The TSXV has issued Field Trip Health Limited (FTRP) its conditional listing approval for the spin-out transaction of its clinics business into Field Trip Health & Wellness Ltd
- This is in line with the plan of arrangement involving Field Trip and Field Trip H&W
- The company expects the Field Trip Health & Wellness Ltd shares to begin trading on or about August 17, 2022, under the symbol “FTHW”
- On the closing of the arrangement, Field Trip Health Ltd will be renamed “Reunion Neurosciences Inc.” and remain listed on the TSX under the ticker symbol “REUN”
- Field Trip is involved in the development and delivery of psychedelic therapies
- Field Trip Health Ltd. opened trading at $1.07 per share
The TSX Venture Exchange (TSXV) has issued conditional listing approval to Field Trip Health Limited (FTRP).
The listing is for the previously announced spin-out transaction of its clinics business into Field Trip Health & Wellness Ltd.
This is in line with the plan of arrangement involving Field Trip and Field Trip H&W.
The arrangement is expected to close on August 11, 2021, including the distribution of the common shares of Field Trip H&W to the Field Trip shareholders.
Holders of Field Trip common shares will receive one new Field Trip common share and 0.85983356 of FTHW shares for every FT share held on the record date.
The company expects the Field Trip Health & Wellness Ltd shares to begin trading on or about August 17, 2022, under the symbol FTHW.
Field Trip H&W is also expected to complete a series of private placement financings for gross proceeds of approximately $20 million, led by Oasis Management Company and Field Trip.
Field Trip will be renamed “Reunion Neurosciences Inc.” and remain listed on the NASDAQ Stock Market and Toronto Stock Exchange under the ticker symbol “REUN”.
Field Trip H&W will be operated as a separate company with separate management teams and boards of directors.
Field Trip H & W expects to file a listing application on or about August 12, 2022.
“We are confident that Reunion and Field Trip Health & Wellness are well positioned to operate successfully as separate companies, executing on their distinct visions and strategic priorities,” noted Joseph del Moral, Field Trip’s Co-founder and Chief Executive Officer.
“We believe the separation is in the best interest of shareholders and both companies, as it will allow each company to focus management efforts and capital to better execute on their own business priorities.”
Field Trip Health Ltd. is involved in the development and delivery of psychedelic therapies.
Field Trip Health Ltd. opened trading at $1.07 per share.