- Quantum BioPharma (QNTM, Financial) confirms it has not changed its name amidst circulating misinformation.
- The company remains the largest shareholder of Unbuzzd Wellness Inc., holding a 7% royalty and 200 million post-split common shares.
- Unbuzzd Wellness Inc. is gearing up for a potential IPO with PCAOB audits by MNP LLP.
Quantum BioPharma Ltd. (NASDAQ: QNTM) has issued a clarification to address misinformation regarding its association with Unbuzzd Wellness Inc. The biopharmaceutical company explicitly states that it has not undergone a name change, correcting errors on certain trading platforms where it was mistakenly listed under the name Unbuzzd Wellness Inc.
Quantum BioPharma holds a significant financial stake in Unbuzzd Wellness Inc., including a 7% royalty on revenue, which will reduce to 3% after reaching $250 million. Additionally, Quantum possesses 200 million post-split common shares of Unbuzzd, along with an anti-dilution warrant to maintain 25% ownership upon any public offering.
In support of its financial interests, Quantum BioPharma has extended a secured loan of $1.3 million to Unbuzzd Wellness Inc., carrying an annual interest rate of 10%. This move underscores Quantum's position as both the largest shareholder and debt holder of Unbuzzd Wellness Inc.
Amidst these developments, Unbuzzd Wellness Inc. has engaged MNP LLP to conduct PCAOB audits, a critical step towards a potential Initial Public Offering (IPO). The company is also working with a New York investment bank to explore further capital-raising opportunities and IPO readiness.
In addition, a minor debt settlement totaling USD 20,930 was approved, which will involve the issuance of Class B shares, indicating Quantum's ongoing financial management activities.
