Field Trip Health completes plan of arrangement to separate Field Trip Discovery and Field Trip Health divisions
On April 28, 2022, Field Trip Health Ltd. (the “Company") announced that it received unanimous board approval to complete a reorganization that would result in the separation of its Field Trip Discovery and Field Trip Health divisions into two independent public companies. Following the reorganization, Field Trip Discovery, its drug discovery and development business, would be renamed Reunion Neuroscience Inc. (“Reunion”) and Field Trip Health, its clinic business, would be renamed Field Trip Health and Wellness Ltd. (“Field Trip H&W”).
The transaction was effected by way of a court approved plan of arrangement under the Canada Business Corporations Act. It required the approval of: (i) 66 2/3% of votes cast by the holders of the Company's common shares; and (ii) a simple majority of the votes cast by holders of the Company's common shares, after excluding votes from certain shareholders as required under MI 61-101, at a special meeting of its shareholders held to consider the transaction.
The successful closing of the transaction was announced on August 11, 2022. Following closing, the Company continues to operate as Reunion, now a stand-alone business, and remains listed on the NASDAQ Stock Market and Toronto Stock Exchange.
Further information can be found on Globe Newswire’s website.
Field Trip is a global leader in the development and delivery of psychedelic therapies. With their Field Trip Discovery division leading the development of the next generation of psychedelic molecules and conducting advanced research on plant-based psychedelics and their Field Trip Health division building centers for psychedelic therapies opening across North America and Europe along with the digital and technological tools that will enable massive scale, Field Trip helps people in need with a simple, evidence-based way to heal and heighten engagement with the world.