Universal Ibogaine Inc., formerly P Squared Renewables Inc. (PSQ), has announced receipt of the final exchange bulletin dated October 1, 2021, issued by the TSX Venture Exchange related to the completion of its qualifying transaction.
As reported previously, the qualifying transaction involved the merger of publicly-listed capital pool company PSQ, and private group Universal Ibogaine Inc. through a reverse takeover. It involved a three-cornered amalgamation and share exchange effective among PSQ, 1266855 BC Ltd., a wholly-owned subsidiary of PSQ, and Universal Ibogaine.
PSQ subsequently changed its name to Universal Ibogaine Inc. on September 15, 2021, and is the resulting issuer to be listed on the TSX Venture Exchange. Resumption of trading in the common shares of Universal Ibogaine is scheduled to commence on October 5, 2021, said the company.
READ: Universal Ibogaine says public listing now earmarked for later this month
In a statement, Universal Ibogaine CEO Dr Rami Batal said: “We thank our shareholder base for their unwavering support and patience throughout the listing process. We are excited to now focus on our growth plan related to rolling out our addiction treatment offering starting with the Kelburn Clinic, as well as clinically developing and ultimately medicalizing ibogaine to become a central treatment for opioid and other addictions.”
Universal Ibogaine aims to globally develop, acquire and operate addiction treatment clinics. It is intended that the firm’s clinics would ultimately incorporate ibogaine for the interruption and ideally cessation of addictions to primarily opioids such as oxycodone, heroin, fentanyl, as well as alcohol, cocaine, and other stimulants.
The company plans to undertake clinical development, and subsequently obtain regulatory authorization for the use of ibogaine as an authorized addiction interruption medicine, initially for the treatment of opioid use disorders.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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