Blazing Star Merger Sub completes Walgreens debt tender offer
TORONTO - Quantum BioPharma Ltd. (NASDAQ: QNTM) has finalized a settlement agreement with its former CEO, Dr. Raza Bokhari, concluding a series of legal disputes that originated from a proxy contest in January 2021. The agreement, which also includes signatures from Co-Chairman & CEO Zeeshan Saeed and Co-Chairman Anthony Durkacz, entails a payment of $2.35 million USD to the company by Dr. Bokhari.
This payment resolves all monetary claims from the company and its associates, while also precluding future litigation in Canada and the United States. The cash infusion is described as non-dilutive, meaning it does not affect the company’s share structure.
None of the parties involved in the settlement admitted to any wrongdoing, and they have agreed that their actions were in the best interest of the corporation and its shareholders. This settlement puts an end to various legal proceedings that have been ongoing in different courts.
Quantum BioPharma, formerly known as FSD Pharma Inc., had been involved in multiple legal disputes with Dr. Bokhari, including cases regarding arbitration awards, indemnification claims, and allegations of defamation and tortious interference. The settlement covers these disputes, including the enforcement of arbitration awards recognized in Ontario and the United States, with the last judgment entered in favor of FSD Pharma Inc. on June 27, 2024.
The company, which focuses on developing treatments for neurodegenerative and metabolic disorders, as well as alcohol misuse disorders, retains a 20.11% ownership of Celly Nutrition Corp. as of March 31, 2025. It will also receive royalty payments from sales of unbuzzd™ until a total of $250 million is reached, after which the royalty rate will decrease.
The settlement marks the end of a complex legal saga for Quantum BioPharma, allowing the company to avoid further legal expenses and focus on its core business operations. This news is based on a press release statement from Quantum BioPharma Ltd.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.