Quantum BioPharma closes $750 private placement, terminates ATM agreement

Quantum BioPharma Ltd. (NASDAQ: QNTM) completed a private placement raising $750 through the issuance of 30 class A multiple voting shares at $25 per share, according to a company statement.

The placement was purchased entirely by company insiders. Xorax Family Trust, associated with CEO Zeeshan Saeed, and Fortius Research and Trading Corp., linked to director Anthony Durkacz, each acquired 15 shares for $375.

Following the transaction, Xorax holds 21 class A multiple voting shares and 6,786 class B subordinate voting shares, representing 37.66% of voting rights. Fortius owns 21 class A multiple voting shares and 1,632 class B subordinate voting shares, controlling 37.63% of voting rights.

The company stated the proceeds will be used for general working capital purposes. The securities are subject to a four-month statutory hold period under Canadian securities laws.

Quantum BioPharma also announced the termination of its at-the-market offering agreement with H.C. Wainwright & Co., effective December 20. The agreement allowed the company to sell up to $21.2 million worth of class B subordinate voting shares, though no shares were sold under the arrangement.

Additionally, the company settled $260,000 of debt through the issuance of 17,626 class B subordinate voting shares at $14.75 per share to an unrelated creditor.

Quantum BioPharma develops treatments for neurodegenerative and metabolic disorders through its subsidiary Lucid Psycheceuticals, which focuses on the compound Lucid-MS for multiple sclerosis treatment.

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