Shares of Psychedelic Care Provider Surge on Acquisition News

By: Dylan Sikes – AllPennyStocks.com News

Tuesday, April 12, 2022

With a shared mission to responsibly reintroduce psychedelic therapy to mental healthcare, the combination of these two firms will create the North American industry leader in psychedelic therapy and research.

Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) announced a definitive arrangement agreement to acquire all issued and outstanding common shares of Novamind Inc. (OTCQB: NVMDF), creating an industry-leading North American platform for psychedelic clinics and clinical research.

Per the companies' press release, the combined company will operate 13 wellness clinics, positioning itself as a leading psychedelic-assisted therapy provider in North America, leading its peer group in revenue with approximately C$10 million in annual pro-forma revenue based on the trailing four quarters. The acquisition is expected to generate C$3 million in annual cost synergies and is expected to close in June 2022 , following anticipated shareholder approval.

Shares of Novamind surged on the announcement, up over 30 percent in morning trade; both Canadian and U.S. shares of NUM were trading down.

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