A mental health care company specializing in psychedelics Numinous Wellness Co., Ltd.. Numi Number left Plans include acquiring MedBright AI Investments Inc. Master of Business Administration.
The proposed transaction comes as the Vancouver-based company restructures its business with a near-term strategic plan to return to EBITDA profitability.
what happened
Numinus announced Thursday that it has entered into a letter of intent to acquire MedBright, a company that employs artificial intelligence and machine learning to enable medical professionals to improve access to care, reduce healthcare costs and improve patient outcomes, through a proposed legal agreement.
Under the agreement, Numinus will issue 1.86 shares of its common stock for each MedBright AI share. In the aggregate, Numinus is expected to issue approximately 204,729,372 shares, which represents approximately 39% ownership of the pro forma company on an undiluted basis based on the current capitalization of Numinus and MedBright AI.
In addition, the company Rebranded as Numinous Intelligence Following the closing of the transaction, Numinus’ ticker symbol on the Toronto Stock Exchange will remain NUMI.
Read also: Numinous Wellness sees decline in 2Q24 revenue due to clinic consolidation and expected industry trends
Why is this important?
Strategic combination It will combine MedBright’s AI-enabled clinical solutions capabilities with Numinus’ rich data and deep experience in medication-assisted mental health treatment to improve clinical operations and leverage reimbursable services.
Numinus plans to leverage its knowledge of traditional treatments, clinic management, patient care, insurance reimbursement and psychedelic drug therapy to offer a unique, AI-powered service to the growing number of U.S. mental health care providers.
As a result of this transaction, the balance sheet will be strengthened with more than $5 million in cash and liquid securities. Additionally, the operating team continues to reduce expenses and has begun a profitability improvement plan for the Utah clinic.
Read now: Utah hospital will soon offer psilocybin and MDMA therapy to treat mental illness
What’s next?
MedBright AI team leaders with experience in U.S. medical clinic operations and ownership are expected to join the management team and board of directors following the closing of the transaction.
“We believe that leveraging our expertise and intellectual property to complement MedBright’s AI technology will enhance their ability to help people in need of care, drive revenue growth and, importantly, profitability improvements.” Payton Nikvest, The Numinus CEO said:
