Mr. Zeeshan Saeed reports

FSD PHARMA INC. RECEIVES NASDAQ NOTIFICATION REGARDING MINIMUM BID PRICE DEFICIENCY

On April 5, 2024, FSD Pharma Inc. received a written notification from the Nasdaq Stock Market LLC that the company is not in compliance with the minimum bid price requirement set forth in Nasdaq's rules for continued listing on the Nasdaq Capital Market. The notification letter is only a notification of deficiency and not a notice of delisting. As such, the notification letter has no effect on the listing or trading of the company's Class B subordinate voting shares on the Nasdaq.

Nasdaq listing Rule 5550(a)(2) requires securities listed on the Nasdaq Capital Market to maintain a minimum bid price of $1 (U.S.) per share, and listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the company's Class B shares for the 30 consecutive business days from Feb. 22, 2024, to April 4, 2024, the company has not met the minimum bid price requirement.

In accordance with Nasdaq listing Rule 5810(c)(3)(A), the company has been provided 180 calendar days, or until Oct. 2, 2024, to regain compliance with Nasdaq listing Rule 5550(a)(2). To regain compliance, the company's Class B shares must have a closing bid price of at least $1 (U.S.) for a minimum of 10 consecutive business days.

In the event that the company does not regain compliance within this 180-day period, the company may be eligible to seek an additional compliance period of 180 calendar days if it complies with the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the bid price requirement, and provides written notice to Nasdaq of its intent to cure the deficiency during this second compliance period, by effecting a reverse stock split, if necessary.

The company intends to monitor the closing price of its Class B shares and may, if appropriate, consider available options to regain compliance with the minimum bid price requirement. There can be no assurances that the company will be able to regain compliance with the minimum bid price requirement or maintain compliance with the other Nasdaq listing requirements.

The company's Class B shares are also listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange, and the notification letter does not affect the company's compliance status with either of those listings.

The company's business operations are not affected by the receipt of the notification letter.

About FSD Pharma Inc.

FSD Pharma is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc., FSD Pharma is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302). Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. FSD Pharma has also licensed unbuzzd, a proprietary formulation of natural ingredients, vitamins and minerals to help with liver and brain function for the purposes of quickly relieving individuals from the effects of alcohol consumption for use in the consumer recreational sector, to Celly Nutrition Corp. and is entitled to a royalty on the revenue generated by Celly Nu from sales of products created using the technology rights granted under the licensing agreement. FSD Pharma continues its research and development activities to develop novel formulations for alcohol misuse disorders, and continues the development of such treatments for use in the health care sector. FSD Pharma maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represent loans secured by residential or commercial property.

We seek Safe Harbor.