The psychedelics space is up and running. Together with the start of the new year, two companies have shared their latest financial decisions toward advancing their medical business programs.

Blackhawk’s New Arrangement Plan For Three Of Its Businesses

Investment holding company Blackhawk Growth Corp. has announced that its shareholders approved a proposed plan of arrangement regarding wholly-owned subsidiary companies 1286409 B.C. Ltd (aka SpinCo), MindBio Therapeutics Pty Ltd., and Digital Media Technology Pty Ltd., by which SpinCo will become an independent psychedelics and mental health technologies company of which MindBio and Digital will be wholly-owned subsidiaries.

As part of the arrangement, Digital’s shares will be transferred from Blackhawk to SpinCo and the SpinCo shares will be spun out to Blackhawk shareholders. SpinCo will become the parent company of both MindBio and Digital and will be renamed as “MindBio Therapeutics Corp.”

The spin-out transaction will follow a statutory plan of arrangement pursuant to the BC Business Corporations Act, seeking a final order from BC’s Supreme Court on or about Jan. 5, 2023.

SpinCo will also apply to have its common shares listed on the CSE and to become a reporting issuer in the provinces of BC, Alberta and Ontario.

Besides passing the arrangement resolution by nearly 99.9%, Blackhawk’s shareholders also passed an ordinary resolution approving the stock option …

Full story available on Benzinga.com