Champignon Brands Inc (CSE:HRM) (OTCQB:SHRMF), a research-driven company studying psychedelics as treatments for mental health conditions and addiction disorders, announced Monday that it will not rebrand itself nor change its name.
In June 2020, the company’s board of directors considered options for realizing additional value for the consumer-packaged goods (CPG) pillar of its business and contemplated a reorganization that would result in the spinout of this business into a new reporting issuer.
But the board of directors has determined that this is not a suitable transaction to undertake at this stage and will not be proceeding with the contemplated reorganization and spinout, Champignon said.
READ: Champignon Brands CEO Dr Roger McIntyre authors studies appearing in two leading scientific journals
The company also sought to clarify that its previously announced intention to undertake a corporate rebranding and to change its name did not result from any specific transaction undertaken by the company. At this time, the board of directors has resolved not to proceed with the corporate rebranding and name change.
The board of directors continues to review options for marketing and branding of the company to represent its CPG, research and clinical business channels but has no plans to execute on any such initiatives in the near term.
The Vancouver-based company also updated shareholders on three other corporate decisions:
BCSC continuous disclosure review
Champignon said it continues to work with the British Columbia Securities Commission to complete its continuous disclosure review related to the company’s disclosure obligations since it became a reporting issuer on February 6, 2020, and includes a review of the disclosure surrounding certain recently completed acquisitions. The company said it will continue to fully cooperate with BCSC to assist in the completion of the review in a timely fashion.
Wellness Clinic of Orange County Inc
The term sheet entered into with the Wellness Clinic of Orange County Inc has been terminated, and the company said it will not be proceeding with the proposed transaction at this time. The company did not assume any ongoing liabilities or obligations in connection with the termination of the term sheet.
AltMed Capital Corp
Champignon said it will rely on the temporary regulatory relief granted in respect of the filing of a business acquisition report (BAR) in connection with its acquisition of AltMed Capital Corp. A BAR was due on July 13, 2020 and is now expected to be filed no later than August 27, 2020.
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