NUMIF - MedBright AI Announces Strategic Acquisition by Numinus Wellness | Benzinga
Plans name change to "Numinus Intelligence" leveraging its current revenue generating operations to AI-enable mental health clinics across the US
- The strategic combination merges MedBright's AI-enabled clinical solution capabilities with Numinus' deep data and vast experience with drug-assisted mental health treatment to improve clinical operations and capitalize on reimbursable offerings
- Leaders from MedBright AI team with extensive experience in US healthcare clinic operations and ownership plan to join the management team and Board upon the completion of the transaction
- As result of the combination, the balance sheet strengthens with cash and liquid securities in excess of $5M; The operational team continues to reduce overhead and is embarking on a revenue improvement plan for the Utah clinics.
- The proposed transaction comes as Numinus reorganizes its operations with a near-term strategic plan towards generating positive EBITDA
VANCOUVER, British Columbia, June 20, 2024 (GLOBE NEWSWIRE) -- MedBright AI Investments Inc. (the "Company" or "MedBright AI") (CSE:MBAI, OTCQB:MBAIF, FSE:Y30)) announces execution of a letter of intent (the "LOI") to be acquired by Numinus Wellness Inc. ("Numinus" ) (TSX:NUMI, OTCQX:NUMIF), a mental healthcare company advancing traditional and innovative behavioral health treatments including safe, evidence-based psychedelic-assisted therapies, by way of a statutory plan of arrangement (the "Proposed Transaction").
MedBright AI deploys artificial intelligence and machine learning ("AI") to empower medical professionals to deliver increased access to healthcare, reduce healthcare costs, and improve patient outcomes. With the Proposed Transaction, Numinus plans to leverage its significant expertise in traditional therapy, clinic management, patient care, insurance reimbursement, and psychedelic-assisted therapy into a unique AI-enabled offering (the "AI Offering") available to the growing number of U.S. mental health care providers. Specifically, the AI Offering will leverage Numinus' industry-leading experience and data as it relates to providing reimbursed care for drug-assisted therapy, to allow therapists to address a key challenge in building out the infrastructure necessary to generate re-imbursed revenue.
To signify its new strategic direction and focus, Numinus intends to rebrand as Numinus Intelligence upon closing, a name that reflects the commitment to leveraging AI and data science to expand mental health service and solutions across the US. The Numinus ticker symbol on the Toronto Stock Exchange will remain NUMI.
In preparation for the transaction, a transition team has been formed to reduce costs, preserve cash and work to increase revenues through the period before the Proposed Transaction is complete.
Details of the Proposed Transaction
Pursuant to the terms of the LOI, as consideration for the acquisition of all of the issued and outstanding common shares in the capital of MedBright AI ("MedBright AI Shares"), Numinus will issue 1.86 common shares of Numinus ("Numinus Shares") for each MedBright AI Share such that it is anticipated that Numinus will issue an aggregate of approximately 204,729,372 Numinus Shares, which will represent ownership of approximately 39% of the pro forma company on an undiluted basis, based on the current capitalization of Numinus and MedBright AI.
The Proposed Transaction is subject to a number of conditions precedent, including, among other things, the negotiation and execution of a definitive arrangement agreement, completion of satisfactory due diligence by each party, receipt of certain regulatory approvals and the approval of the Proposed Transaction by shareholders of each of Numinus and MedBright AI. The LOI is binding with respect to exclusivity and non-binding in all other aspects and serves as an important step ...