Mydecine Innovations Group Inc (OTC:MYCOF, FRA:0NFA, NEO:MYCO) said it has completed the previously-announced spin-out of its Alt House Cannabis Inc assets, currently referred to as Spinco, to the company’s existing shareholders.
Mydecine noted that it had transferred its US cannabis assets and cannabis projects to a separate public company to remove an unintended obstacle to its planned NASDAQ and London Stock Exchange (LSE) listings.
The company’s current shareholders received one new Mydecine common share plus 0.010300 SpinCo shares for each Mydecine share held.
Shares of Mydecine climbed more than 277% to $1 on Friday following the announcement.
READ: Mydecine Innovations to hold special shareholders meeting to approve spin-out of its US cannabis interests
Holders of Mydecine warrants, who validly exercise such warrants following the transaction, meanwhile, will receive one whole Mydecine common share plus 0.010300 SpinCo shares for each warrant held.
The new Mydecine common shares are expected to continue trading on the NEO Exchange, while SpinCo intends to apply to list its common shares on either the Canadian Securities Exchange or the NEO Exchange.
As well, the company said SpinCo plans to leverage and monetize its US cannabis assets and cannabis projects and commercial relationships in the sector.
Mydecine Innovations Group is an emerging biotech and life sciences company dedicated to developing and commercializing innovative solutions for treating mental health problems and enhancing vitality. The company operates out of a state-of-the-art mycology lab in Denver to focus on genetic research for scaling commercial cultivation of rare (non-psychedelic) medicinal mushrooms, and has exclusive access to a full cGMP certified pharmaceutical manufacturing facility with the ability to import and export, cultivate, extract and isolate, and analyze active mushroom compounds with full government approval through Health Canada.
Contact Sean at sean@proactiveinvestors.com
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