enveric biosciences envb stock rose 23 in premarket trades on monday after the company said it submitted a confidential form s1 draft registration statement with the us securities and exchange commission for the spinoff of its cannabinoid clinical development pipeline to a whollyowned subsidiary akos biosciences inc the spinoff will take place in the form of a dividend to enveric shareholders enveric biosciences ceo joseph tucker said the company believes the spinoff will unlock the value of akos and create greater strategic focus for each company as separately traded stocks enveric shareholders will own a majority of akos which is expected to be listed on the nasdaq in the first half of 2023 the dividend will be treated as a taxable event for us federal income tax purposes enveric biosciences will continue to operate as a biotechnology company dedicated to the development of novel smallmolecule therapeutics for the treatment of anxiety depression and addiction disorders