Announcement • Sep 06
The Nasdaq Stock Market to Delist Common Stock of Lucy Scientific Discovery The Nasdaq Stock Market announced that it will delist the common stock of Lucy Scientific Discovery Inc. The company’s Securities were suspended on July 1, 2024, and have not traded on Nasdaq since that time. Announcement • Jul 02
Nasdaq Determines to Delist the Lucy Scientific Discovery's Common Shares As previously disclosed, on May 7, 2024, Lucy Scientific Discovery Inc. received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC stating that based on the review of the Nasdaq staff, the Company’s lack of compliance with the requirement that a listed company’s stockholders’ equity be at least $2.5 million pursuant to Nasdaq Listing Rule 5550(b), would have lead to the suspension of the trading of the Company’s common shares at the opening of business on May 16, 2024. The Company needed to appeal the delisting determination by May 14th and request a hearing before an independent Nasdaq Hearings Panel to avoid this trading suspension. The Company timely submitted its appeal, which stayed the delisting of the Company’s securities on Nasdaq until the hearing was held on June 25, 2024. Furthermore, as previously disclosed, on May 21, 2024, the Company received a letter from the Staff stating that, per Nasdaq Listing Rule 5250(c)(1), the Company is delinquent in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2024, which served as an additional basis for delisting the Company’s securities from Nasdaq. On June 25, 2024, the Company participated in a hearing before the Panel regarding its plan to regain compliance with the Minimum Stockholders’ Equity Requirement and the Filings Rule. On June 27, 2024, the Company received notice from Nasdaq that the Panel has determined to delist the Company’s common shares. Suspension of trading in the Company’s common shares will be effective at the open of trading on July 1, 2024. Following the delisting of its common shares from the Nasdaq Capital Market, the Company will continue to be a reporting company under the Securities Exchange Act of 1934. The Company expects its common shares will commence trading on the OTC Markets Group platform at the open of trading on July 1, 2024 under the symbol “LSDI.” The Company has a period of 15 days from the date of the notice letter to submit a written request for a review of the Panel’s delisting determination by the Nasdaq Listing and Hearing Review Council. Announcement • May 29
Lucy Scientific Discovery Inc. Receives Nasdaq Notification of Non-Compliance with Listing Rule 5250(c)(1) Lucy Scientific Discovery Inc. announced that it has a hearing scheduled for June 25, 2024 before a Nasdaq Hearings Panel (the "Panel") regarding its plan to regain compliance with Nasdaq Listing Rule 5550(b) (the "Stockholders' Equity Rule"). On May 21, 2024, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") that, per Nasdaq Listing Rule 5250(c)(1) (the "Filings Rule"), the Company is delinquent in filing its Quarterly Report on Form 10-Q for the period ended March 31, 2024, which serves as an additional basis for delisting the Company's securities from Nasdaq. The Company intends to request the continued listing of its common shares on Nasdaq pending its compliance with the Stockholders' Equity Rule and the Filings Rule. However, there can be no assurance that the Panel will grant the Company's request or that the Company will ultimately regain compliance with all applicable requirements for continued listing on Nasdaq. Announcement • May 17
Lucy Scientific Discovery Inc. announced delayed 10-Q filing On 05/15/2024, Lucy Scientific Discovery Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • May 12
Brian Zasitko, Chief Financial Officer of Lucy Scientific Discovery Inc., Resigns, Effective May 17, 2024 On May 3, 2024, Brian Zasitko, Chief Financial Officer of Lucy Scientific Discovery Inc., resigned, effective May 17, 2024. Announcement • Feb 17
Lucy Scientific Discovery Inc. Announces 1-For-10 Reverse Stock Split to Regain Compliance with Nasdaq Minimum Bid Requirement Lucy Scientific Discovery Inc. announced that the Company will effect a one-for-ten (1-10) reverse split of its common shares. The Company is effecting the reverse split in an effort to regain compliance with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The reverse share split will become effective on February 26, 2024 (the “Effective Date”), and the shares are expected to begin trading on the split-adjusted basis on the Nasdaq Stock Exchange (“Nasdaq”) under the Company's existing trading symbol “LSDI” at the market open on February 26, 2024. In conjunction with the reverse split, the new CUSIP number will be 54960E203. On the Effective Date, every 10 issued and outstanding shares of the Company’s Common Stock will be converted automatically into one share of the Company’s Common Stock without any change in the par value per share. New Risk • Feb 14
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$6.3m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.3m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m (US$17k revenue). Market cap is less than US$10m (US$4.33m market cap). Minor Risk Shareholders have been diluted in the past year (8.4% increase in shares outstanding). Board Change • Dec 28
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. No highly experienced directors. Independent Director Livio Susin is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Sep 28
Lucy Scientific Discovery Receives Non-Compliance Notice From Nasdaq On September 21, 2023, Lucy Scientific Discovery Inc. (the “Company”) received a deficiency letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, based upon the closing bid price of the Company’s common stock, no par value per share (the “Common Stock”), for the last 30 consecutive business days, the Company is not currently in compliance with the requirement to maintain a minimum bid price of $1.00 per share for continued listing on The Nasdaq Capital Market, as set in Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Requirement”). The Notice has no immediate effect on the continued listing status of the Common Stock on The Nasdaq Capital Market, and, therefore, the Company's listing remains fully effective. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company is provided a compliance period of 180 calendar days from the date of the Notice, or until March 19, 2024, to regain compliance with the Minimum Bid Requirement. To regain compliance, the closing bid price of the Common Stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days prior to March 19, 2024. If the Company is not in compliance with the Minimum Bid Requirement by March 19, 2024, the Company may be afforded a second 180 calendar day compliance period. To qualify for this additional compliance period, the Company will be required to meet 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 Minimum Bid Price requirement. The Company will continue to monitor the closing bid price of its Common Stock and seek to regain compliance with all applicable Nasdaq requirements within the allotted compliance period. If the Company does not regain compliance within the allotted compliance period, including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Common Stock will be subject to delisting. The Company would then be entitled to appeal that determination to a Nasdaq hearings panel. The Company intends to actively monitor the closing bid price of the Common Stock and will evaluate available options to regain compliance with the Minimum Bid Requirement. However, there can be no assurance that the Company will regain compliance with the Minimum Bid Requirement during the 180 day compliance period, secure a second period of 180 days to regain compliance, or maintain compliance with the other Nasdaq listing requirements. If the Common Stock ceases to be listed for trading on The Nasdaq Capital Market, the Company would expect that the Common Stock would be traded on one of the three tiered marketplaces of the OTC Markets Group. Announcement • Sep 13
Lucy Scientific Discovery Inc. (NasdaqCM:LSDI) entered into an agreement to acquire BlueSky Wellness Inc. for CAD 3.5 million. Lucy Scientific Discovery Inc. (NasdaqCM:LSDI) entered into an agreement to acquire BlueSky Wellness Inc. for CAD 3.5 million on September 12, 2023. Under the terms of the agreement, BlueSky's shareholders will receive 3.5 million shares of Lucy Scientific's stock, as well as annual earn out payments based on a multiple of annual EBITDA in each of the next five years. Lucy expects to complete the acquisition within 90 days, and will work closely with the BlueSky team during the transition. Announcement • Jul 14
Lucy Scientific Discovery Inc. Announces Chief Executive Officer Changes Lucy Scientific Discovery Inc. announced the appointment of current Executive Chairman Richard Nanula as the new Chief Executive Officer, effective immediately. Nanula will retain his Chairman role while succeeding Chris McElvany as Chief Executive Officer, who will transition into a consulting role with the Company. Nanula brings to Lucy decades of senior leadership experience from several of the largest companies in the world having been a Senior Executive at The Walt Disney Company, Amgen, Colony Capital and Starwood Hotels and Resorts. Over the course of his career, Nanula had overseen more than $50 billion of M&A and financing transactions. The company’s founder and former CEO, Chris McElvany, will remain closely involved with the company as a consultant, leveraging his deep knowledge and industry expertise to support the transition. New Risk • Jul 07
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$3.1m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.1m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (US$18.8m market cap). Announcement • Jun 07
Lucy Scientific Discovery Inc. (NasdaqCM:LSDI) made a proposal to acquire Pasithea Therapeutics Corp. (NasdaqCM:KTTA) for $22.2 million. Lucy Scientific Discovery Inc. (NasdaqCM:LSDI) made a proposal to acquire Pasithea Therapeutics Corp. (NasdaqCM:KTTA) for $22.2 million on June 5, 2023. Under the terms of the offer, Lucy proposes to pay $0.60 in cash, and $0.25 cents in Lucy stock (NASDAQ: LSDI) for every share of Pasithea common stock. Given that Pasithea’s stock closed at $0.35 per share on June 1, 2023, the Proposal of $0.85 per share equates to 142% premium to Pasithea’s share price. In fact, the cash component alone represents a 71% premium. In the event that the proposal is not endorsed by Pasithea's Board of Directors, Lucy is prepared to present it directly to the Pasithea shareholders. Announcement • May 23
Lucy Scientific Discovery Inc.'S Functional Amanita Line Now Available for Purchase Through Retail Channels Lucy Scientific Discovery Inc. announces Mindful, an innovative functional Amanita based product line is now available through multiple retail channels. Mindful by Lucy can be purchased on the company's online store, www.buytrippy.com, and through Hightimes.com. Mindful by Lucy is a carefully formulated functional product designed to enhance well-being and promote a mindful approach to life. Each capsule is crafted with precision, incorporating quality natural ingredients to deliver an exceptional experience. Lucy's online store, www.buytrippy.com, serves as a convenient platform for customers to explore and purchase the Mindful line. The user-friendly interface ensures a seamless shopping experience, allowing individuals to embark on their journey towards well-being with ease and confidence. Recent Insider Transactions Derivative • Feb 20
President exercised options to buy US$1.1m worth of stock. On the 13th of February, Christopher McElvany exercised options to buy 366k shares at a strike price of around US$2.40, costing a total of US$879k. This transaction amounted to 33% of their direct individual holding at the time of the trade. Since September 2022, Christopher has owned 1.32m shares directly. This was the only transaction from an insider over the last 12 months. Board Change • Feb 10
High number of new and inexperienced directors There are 6 new directors who have joined the board in the last 3 years. The company's board is composed of: 6 new directors. 1 experienced director. No highly experienced directors. Independent Director Livio Susin is the most experienced director on the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Feb 10
Lucy Scientific Discovery Inc. has completed an IPO in the amount of $7.5 million. Lucy Scientific Discovery Inc. has completed an IPO in the amount of $7.5 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 1,875,000
Price\Range: $4 