Mr. Zeeshan Saeed reports

FSD PHARMA INC. RECEIVES NASDAQ NOTIFICATION REGARDING MINIMUM BID PRICE DEFICIENCY

On Sept. 27, 2022, FSD Pharma Inc. received a written notification from the Nasdaq Stock Market LLC that the company is not in compliance with the minimum bid price requirement set forth in Nasdaq's rules for continued listing on the Nasdaq Capital Market. The notification letter is only a notification of deficiency and not a notice of delisting. As such, the notification letter has no effect on the listing or trading of the company's Class B subordinate voting shares on the Nasdaq.

Nasdaq Listing Rule 5550(a)(2) requires securities listed on the Nasdaq Capital Market to maintain a minimum bid price of $1.00 (U.S.) per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the company's Class B subordinate voting shares for the 30 consecutive business days from Aug. 15, 2022, to Sept. 26, 2022, the company has not met the minimum bid price requirement.

In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the company has been provided 180 calendar days, or until March 27, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the company's Class B subordinate voting shares must have a closing bid price of at least $1.00 (U.S.) for a minimum of 10 consecutive business days. If the company does not regain compliance by March 27, 2023, the company may be eligible for additional time to regain compliance or may face delisting from Nasdaq. The company's Class B subordinate voting shares are also listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange, and the notice does not affect the company's compliance status with either of those listings.

The company's business operations are not affected by the receipt of the notification letter.

About FSD Pharma Inc.

FSD Pharma is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences, Inc., a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, FSD201, an ultramicronized PEA (palmitoyl ethylamine), for the treatment of inflammatory diseases. Lucid Psycheceuticals Inc., a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-Psych and Lucid-MS. Lucid-Psych is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders.

We seek Safe Harbor.