Therapix Biosciences provided an update to shareholders regarding the previously announced binding letter of intent dated October 22, or the LOI, with FSD Pharma for the acquisition of the Company by FSD. It was agreed that the terms of the LOI are to be superseded by a definitive agreement, which the parties intended to execute within 30 days. The LOI by its terms lasted until November 19 but is automatically extended for additional one-week terms unless either party delivers a written notice of termination three (3) days prior to the expiration of the applicable term. The Company and FSD are still in negotiations and FSD wishes to modify certain material terms of the Transaction. The Transaction is still being negotiated.
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