Field Trip Health Ltd. plans the fourth fiscal quarter and

TORONTO, June 22, 2022 (GLOBE NEWSWIRE) — Field Trip Health Ltd. (TSX: FTRP, FTRP.WT, Nasdaq: FTRP) (“Field Trip”), a global leader in the development and delivery of psychedelic therapies, today announced the release of financial results for its fourth quarter fiscal year ended December 31, 2018 March 2022 after the market close on Wednesday, June 29, 2022.

The Company will host a conference call and webcast to discuss its results the next morning, Thursday, June 30, 2022 at 8:30 am ET. To participate in the conference call, please dial 1-877-407-9716 (within the US) or 1-201-493-6779 (outside the US) and quote the conference ID 13730739. A live webcast of the conference call can be accessed via the Events and Presentations section of Field Trip Health’s Investor Relations website here.

For those unable to attend the live conference call, a replay will be available until Thursday, July 7, 2022 at 11:59 p.m. ET. To access the recording, dial 1-844-512-2921 (within the US) or 1-412 +317-6671 (outside the US) and quote the conference ID 13730739. The webcast will be archived approximately one hour after the end of the live conference call and will be available on the Events and Presentations section of the Field Trip Health Investor Relations website.

Nasdaq Notification

The Company has also received a written notification (which “notification letter“) by The Nasdaq Stock Market LLC (“Nasdaq“) Notifying the Company that it does not meet the minimum bid price requirement set forth in the Nasdaq Rules for continued listing on the Nasdaq Global Select Market. Nasdaq listing rules require that listed securities maintain a minimum bid price of $1.00 per share, and further provide that there has been a failure to meet the minimum bid price requirement if the failure persists for a period of 30 consecutive business days Based on the closing bid price of the Company’s common stock for the 30 consecutive business days commencing May 4, 2022, through June 15 In 2022, the company no longer meets the minimum bid price requirement.

The notification letter does not currently affect the Company’s listing on the Nasdaq Global Select Market. Under the Nasdaq Listing Rules, the Company has 180 calendar days or December 13, 2022 to regain compliance because its common stock has closed at least $1.00 for at least 10 consecutive business days. If the company does not regain compliance by December 13, 2022, the company may be entitled to additional time to become compliant or face delisting.

As previously announced, the Company intends to consolidate its common stock at a ratio of 5 to 1 preconsolidation common share for each preconsolidation common share as part of the spin-off transaction, which is expected to close in early August, and therefore anticipates that the deficiency will be within the prescribed fulfillment period is remedied. The merger is subject to shareholder approval at a special meeting of shareholders on June 27, 2022.

The Company anticipates that its common stock will continue to be listed and traded on the Nasdaq Global Select Market during these compliance periods. The company’s business operations will not be affected by the receipt of the notification letter. The Company is also listed on the Toronto Stock Exchange and the notification letter does not affect the Company’s compliance status with such listing.

For more information on the Consolidation, see Field Trip’s Management Information Circular dated May 20, 2022 and its June 14, 2022 supplement, each available under the Company’s profile on EDGAR and SEDAR.

About Field Trip Health Ltd.

Field Trip is a global leader in the development and delivery of psychedelic therapies. With our Field Trip Discovery division spearheading the development of the next generation of psychedelic molecules and conducting advanced research on herbal psychedelics, and our Field Trip Health division building psychedelic therapy centers opening across North America and Europe, along with On a massive scale, the digital and technological tools that make this possible, we are helping those in need with a simple, evidence-based method to heal and empower the world.

Learn more at https://www.meetfieldtrip.com, https://www.fieldtriphealth.com and https://www.fieldtriphealth.nl.

Follow us on Twitter and Instagram: @fieldtriphealth.

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Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking information (within the meaning of Canadian securities laws and the United States Private Securities Litigation Reform Act of 1995) relating to Field Trip and its business. Often, but not always, forward-looking information can be identified or indicate specific actions, events by the use of words such as “expect”, “intend”, “expect”, “believe” or variations (including negative variations) of such words and expressions or results “may”, “could”, “would” or “will” be taken, occur or be achieved. Such statements are based on Field Trip management’s current expectations and beliefs about future events and are based on assumptions and involve risks and uncertainties. Although Field Trip management believes the assumptions underlying these statements are reasonable, they may prove to be incorrect. The forward-looking events and circumstances discussed in this press release may not occur and may differ materially due to known and unknown risk factors and uncertainties affecting the companies. Although Field Trip has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results to differ materially expected, estimated or intended to deviate. Accordingly, readers should not place undue reliance on any forward-looking statement or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date they are made, and Field Trip undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional information regarding Field Trip, including the annual information form, is available on SEDAR’s website at www.sedar.com and in the EDGAR section of the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.

Neither the Toronto Stock Exchange nor its regulatory service provider has approved the contents of this press release and accepts responsibility for the adequacy or accuracy of this press release.

CONTACTS:

Investor contacts:
Kathleen Heaney / Sophia Bashford
KCSA Strategic Communication
[email protected]

Media contacts:
Rachel Moskowitz
autumn communication
202-276-7881
[email protected]

SOURCE Field Trip Health Ltd.

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