MindMed shareholders have voted to elect all 6 of the company’s proposed board members — rejecting the candidates from activist investors attempting to take control of the company.
Freeman Capital Management (FCM) — who collectively own approx 3.5% % of MindMed’s shares — have been causing corporate drama since the fall of 2022 and forced a vote on new board members at MindMed’s annual meeting this week.
FCM have been waging a PR campaign, focused on winning over retail investors using the meme-stock fame of young investor Jake Freeman. MindMed has been patiently pushing back, coming out with a damning report from former FDA executives rebuking most of FCM’s claims.
It seems the steady approach has worked, as shareholders have voted in all of MindMed’s candidates, a vote of confidence for CEO Rob Barrow and the company’s vision.
FCM, usually quite active with bombastic press releases, have yet to publicly comment.
See the full press release below.
MindMed Announces Election of All Six Company Nominees at Annual Meeting
NEW YORK, June 21, 2023 — Mind Medicine (MindMed) Inc. (NASDAQ: MNMD), (NEO: MMED), (the “Company” or “MindMed”), today announced that, based upon a preliminary vote assessment, shareholders have elected all six of the Company’s nominees – CEO Robert Barrow, Dr. Suzanne Bruhn, Dr. Roger Crystal, David Gryska, Andreas Krebs and Carol A. Vallone – to the Board of Directors (the “Board”) at the Annual Meeting of Shareholders (the “Meeting”) held today.
Robert Barrow, Chief Executive Officer and Director of MindMed, stated: “We would like to sincerely thank our shareholders for their support and engagement throughout this process. We would also like to thank both independent proxy advisory firms – Institutional Shareholder Services (ISS) and Glass, Lewis & Co. – for their recommendations, which validated our strategy and the quality of our directors. The entire Board is fully committed to the Company’s success as we navigate this pivotal period, with two key clinical readouts expected later this year. We are glad to put this proxy contest behind us and fully focus on bringing our transformative therapies to market in order to help patients in need and deliver value for all shareholders.”
The Company notes that quorum was present at the Meeting and that the number of shares represented at the Meeting exceeded 40% of the Company’s outstanding shares entitled to vote.
Final results will be filed on a Form 8-K with the U.S. Securities and Exchange Commission and will be filed with the Canadian securities regulatory authorities.
About MindMed
MindMed is a clinical stage biopharmaceutical company developing novel product candidates to treat brain health disorders. Our mission is to be the global leader in the development and delivery of treatments that unlock new opportunities to improve patient outcomes. We are developing a pipeline of innovative product candidates, with and without acute perceptual effects, targeting neurotransmitter pathways that play key roles in brain health disorders.
MindMed trades on NASDAQ under the symbol MNMD and on the Canadian NEO Exchange under the symbol MMED.
