Activist company

MindMed soars after revelation that BBBY investor Jake Freeman owns shares in the company

In an unexpected turn of events today, investors in Mental Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) have reason to celebrate. Today, MindMed is soaring on new devices that have nothing to do with the company’s own biopharmaceutical operations. After a long period of persistently falling prices, investors will take it.

The rise in MindMed stock is primarily attributed to the company’s potential association with Jake Freeman, a 20-year-old applied math and economics student who recently made windfall profits on Bed bath and beyond Stock. Mr. Freeman acquired his shares when the stock price was trading below $5.50 per share, with $25 million raised from friends and family.

Tuesday, Bed bath and beyond (NASDAQ: BBBY) surged to over $27 a share as high short yield meme stocks saw renewed interest during this weeks-long bull market impulse. Globally. Shares of BBBY have soared 440%, from low to high, over the past month in a Reddit-fueled squeeze.

Last month, the fiery founder of Capital Freeman LLC Management sent an activist nine-page letter to BBBY management explaining that the company “is facing an existential crisis for its survival” and that the company “must reduce its cash burn rates, significantly improve its capital structure and raise funds.

Jake Freeman happens to be the nephew of Dr. Scott Freeman, co-founder and former chief medical officer of MindMed.

As reported by FinancialTimes reported that Jake Freeman and his uncle, Dr. Scott Freeman, “recently made an activist stake in a publicly traded pharmaceutical company called Mind Medicine.”

Last week, FCM MM HOLDINGS, LLC sent a letter to the board of directors of MindMed is asking the board to adopt a new strategic plan proposed by the FCM including: refocusing on its core drugs, reducing cash burn and ending MindMed’s parity stock offering. FCM is led and managed by Dr. Scott Freeman, who has offered to bring his expertise to MindMed as Director of the MindMed Board of Directors.

FCM is managed by Dr. Scott Freeman and represents an investment of 5.6% of the outstanding shares of MindMed. Additionally, Dr. Freeman himself owns a stake in MindMed of over nineteen million shares, or 4.51% of the company’s outstanding shares. It is unknown if Jake Freeman has any formal association with FCM, or how many MindMed shares he owns personally or through entities he controls.

The two-pronged history of Jake and Dr. Scott Freeman’s investor activism has given hope that perhaps Jake Freeman can help orchestrate a Bed Bath & Beyond-type dynamic in the stock price, although the business dynamics of the two companies are very different.

As of August 9, 2022, BBBY was the highest percentage short stock on US Tier 1 exchanges, with a short interest of 47.22% out of a float of 61.56 million shares. By contrast, MinMed’s short interest is less than 5% (18.85 million shares short) on a float of 427,855,284 shares, according to

At press time (2:00 PM EST), shares of MindMed were trading at $1.18/share, up +$0.43 (57.33%) on the session. In pre-market, the company printed as high as $1.44/share, before briefly crossing the psychologically important $1.00 threshold before bouncing back.

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