Numinus Wellness Inc. said Wednesday it'll pay about C$26.2 million ($21 million) in stock to buy Novamind Inc. to create a leading psychedelic-assisted wellness company. After the deal closes, Numinus Wellness will operate 13 wellness clinics, including eight in the U.S., with about C$10 million ($8 million) in annual revenue based on projects from the last four quarters. Numinus CEO Payton Nyquvest said the two companies have been aware of each other for a long time and decided to combine to accelerate growth. Novamind shareholders will receive 0.84 of a common share of Numinus for each Novamind share held. The deal implies an offer price of 44 cents per Novamind share, a premium of 51% to Novamind's 20-day volume-weighted average price on the Canadian Securities Exchange as of April 8. Novamind shareholders will hold 18% ownership in the combined company. Shares of Novamind are down 46.8% so far in 2022 and Numinus Wellness shares have lost 2.6%.
(END) Dow Jones Newswires
April 13, 2022 11:02 ET (15:02 GMT)
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