Cybin's Acquisition Of Small Pharma Approved By Canadian Supreme Court

Short-acting psychedelics biotech Small Pharma Inc. (OTCQB:DMTTF) has obtained a final order from the Supreme Court of British Columbia approving the announced plan of arrangement, under Division 5 of Part 9 of BC’s Business Corporations Act, by which clinical-stage biotech firm Cybin Inc. (NYSE:CYBN) is set to acquire all the former’s issued and outstanding securities in an all-share transaction.

See Also: Billionaire Steve Cohen Buys 19M Shares Of Cybin Stock For Psychedelics R&D, Blake Mycoskie $100M Pledge

With this approval and both companies’ shareholder confirmations and pending satisfaction or waiver of customary closing conditions -including final approval by the TSX Venture Exchange, where Small Pharma trades,- the anticipated effective date for the arrangement’s closing is on or about October 23, 2023.

Upon the arrangement’s completion, Small Pharma’s common shares will be delisted from the TSXV and removed from the OTCQB Venture Market, with the company ceasing to be a reporting issuer in Canada.

See Also: Psychedelics Firm Optimind Pharma Sustains Growth Plan Rollout With New Acquisition

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Photo: Benzinga edit with photo by Zita and Canadastock on Shutterstock.