Filament Health Revises First Quarter Results, Moves Forward With Jupiter SPAC

Filament Health Corp. (OTCQB: FLHLF) (NEO: FH) released its second-quarter financial results for the period ending June 30, 2023, for the second time. The original first quarter results were filed on May 12, 2023, but this version was revised and refiled. Filament said that there were changes in the accounting treatment for the acquisition of the joint venture included in the original condensed interim consolidated financial statements.

Jupiter SPAC

In addition to the refiled earnings, the special purpose acquisition company (“SPAC”) Jupiter Acquisition Corporation (NASDAQ: JAQC), which is the company that Filament will be combining with, filed a registration statement by 1427702 B.C. Ltd. also known as TopCo. This is connected to the July 2023 announcement of the proposed Business Combination.

The registration provides important information about TopCo’s proposed business and listing of securities, Filament’s drug development program, licensing partnerships, intellectual property, vertically integrated manufacturing capabilities, and research and development program, as well as the proposed Business Combination, and the proposals to be considered by SPAC’s shareholders.

The Jupiter SPAC due date for a business combination was extended from August 17, 2023, to December 17, 2023. According to the filing, on April 20, 2023, Jupiter redeemed 14,286,357 shares of Class A common stock for a total redemption amount of $145 million. As of June 30, 2023, the SPAC had $428,266 in its operating bank account and a working capital deficit of $1,309,272 (after adding back $123,396 of franchises taxes paid out of the operating cash account not yet reimbursed from the Trust Account), which excludes $354,342 of interest earned on the Trust Account that is available to pay franchise and income taxes payable.

As of June 30, 2023, Jupiter had $428,266 in its operating bank account and a working capital deficit of $1,309,272.

Filament Health

In May, Jupiter first delivered its financial results for the second quarter with cash and cash equivalents of approximately $1.2 million as of June 30, 2023 (which excludes the $2.5 million private placement completed by Filament in July 2023). The company reported cash of $2.4 million at the end of the first quarter. The company said that it believed the refiled earnings to be material.

“I’m proud to report on another highly productive quarter,” said Benjamin Lightburn, CEO and Co-Founder of Filament Health. “The Filament team has achieved a number of industry-first milestones and continued to grow our revenue-generating supply network. Shortly after the period ended, we announced our intention to list on the Nasdaq through a business combination with Jupiter Acquisition Corporation. This transaction will accelerate the progression of our botanical psychedelic drug development platform, and facilitate our mission to see safe, standardized natural psychedelics in the hands of everyone who needs them.”



Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

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