aibioQuantum BioPharma applies to delist Class B shares from the CSE
Tickers QNTM
Quantum BioPharma has applied to delist its Class B shares from the Canadian Securities Exchange, with September 4, 2026 expected as the last trading day, subject to approval. The company's own release does not give the trading volumes behind the decision.
Key facts
- Company
- Quantum Biopharma Ltd. (NASDAQ: QNTM)
- News type
- Listings
- Primary source
- Quantum Biopharma Ltd. 6-K (2026-09-02)
The delisting application
Quantum BioPharma Ltd. said on September 1, 2026 that it has applied for a voluntary delisting of its Class B subordinate voting shares from the Canadian Securities Exchange. The release is an exhibit to a 6-K filed on September 2, 2026. The shares will keep trading on Nasdaq under the symbol QNTM, and the company says its listings on the Frankfurt Stock Exchange and Upstream are also unaffected.
The company says the trading volume of its Class B shares on the CSE "no longer justifies" the expenses, administrative efforts and regulatory burdens of a dual listing. It believes the move will consolidate trading into a single principal marketplace on Nasdaq, which it expects may benefit the long-term liquidity of the shares. The release does not give trading volume on the CSE or on Nasdaq.
Subject to CSE approval, the close of business on Friday, September 4, 2026 is expected to be the last trading day on the CSE. The company thanked the exchange for "providing its initial opportunity to access public markets."
What holders need to do
Quantum says it will remain a reporting issuer in each Canadian jurisdiction where it is one now, and it will keep filing on SEDAR+ and on EDGAR. Shareholders who hold Class B shares through a Canadian broker do not have to act, the company says. It advises them to check with their broker that the account permits trading on Nasdaq, and to ask about settlement, currency conversion and commission costs. The release does not estimate those costs.
The business behind the listing
The release describes Quantum as a biopharmaceutical company building a portfolio for neurodegenerative and metabolic disorders and alcohol misuse disorders. Its lead compound is Lucid-MS, which the company says is "shown to prevent and reverse myelin degradation" in preclinical models. The release describes the drug only with preclinical data.
Quantum spun out the over-the-counter version of unbuzzd to Unbuzzd Wellness Inc., formerly Celly Nutrition Corp., and still holds a stake in it. The release says Quantum held 19.86% as of September 30, 2025. The agreement pays Quantum a 7% royalty on unbuzzd sales until payments total $250 million, then a 3% royalty in perpetuity. Quantum also holds a portfolio of loans secured by residential or commercial property through a subsidiary, FSD Strategic Investments Inc.
The annual report filed March 26, 2026 says the company does not expect to pay cash or stock dividends in the near future. It says the company expects to retain earnings for its product candidates and to invest further in "Bitcoin and other cryptocurrencies." The report warns that investors "may not receive any return on their investment" unless they sell at a higher price than they paid.
The finances behind the move
The company's financial data for the year ended December 31, 2025 show year-end cash and cash equivalents of $1.9 million, down from $6.0 million a year earlier. Short-term investments were $459,080, down from $1.2 million. Cash used in operations was $8.2 million for 2025, up from $6.9 million for 2024.
The annual report also says the company believes it was a passive foreign investment company for 2025, which could bring adverse U.S. tax consequences for U.S. holders of Class B shares. The release does not mention that status, which affects holders who are U.S. taxpayers.
What comes next
The timetable depends on the CSE. The September 4, 2026 last trading day is expected but subject to approval, and the release gives no approval date. It also does not say whether the delisting will change how much trading the Class B shares see on Nasdaq. The release presents those effects as expected benefits, not as results. Its own list of risks says the delisting could reduce trading volume, liquidity or analyst coverage for the Class B shares, or lower their price. It also names the effect on resale exemptions such as Rule 904 of Regulation S, and so on the company's ability to complete private placements, and the risk that Nasdaq becomes the only principal market and the company later fails Nasdaq's minimum bid price requirement.