28 November 2022 - - US-based biotechnology company Enveric Biosciences (NASDAQ: ENVB) completes confidential submission of a form S-1 draft registration statement with the US Securities and Exchange Commission for the spin-off its cannabinoid clinical development pipeline to a wholly-owned subsidiary, Akos Biosciences, Inc, by way of dividend to Enveric shareholders, the company said.

Upon consummation of the potential spinoff, if completed, Enveric shareholders, as of the record date for the separation, will own a majority of Akos.

Akos is expected to be listed on The NASDAQ Capital Market after the completion of the potential spin-off.

No record date for the potential spin-off has been established as of the date of this press release and the completion of the potential spin-off remains subject to various conditions.

The spin-off is expected to be completed in the first half of 2023.

The dividend will be treated as a taxable event for US federal income tax purposes.

Enveric Biosciences (NASDAQ: ENVB) is a biotechnology company dedicated to the development of novel small-molecule therapeutics for the treatment of anxiety, depression and addiction disorders.