Numinus Wellness Inc (TSX: NUMI, OTCQX: NUMIF) informed investors after markets closed on Friday that it plans to liquidate certain non-operating subsidiaries as part of an effort to streamline its corporate structure and allocate more resources toward core areas of its business operations.
Recently, Numinus also made headlines when Michael Tan was announced as its new CEO, taking over for Payton Nyquvest who transitioned into executive chair status. At that time, Tan made clear his intent would focus on strengthening Numinus’ clinical research and practitioner training programs while aligning the company to address emerging opportunities within mental healthcare care.
Shortly after its new executive took charge, the company admitted its delays in publishing financial statements and noted the British Columbia Securities Commission has issued an “FFCTO.” Subsequently, Toronto Stock Exchange suspended trading in company shares while audits are under way – something the company admits itself.
As follows are the subsidiaries affected and their respective wind-down plans:
Mindspace Services Inc. of Canada filed for Bankruptcy; Neurology Centre of Toronto Inc, also in Ontario filed, along with Numinus Bioscience Inc (British Columbia) & Salvation Bioscience (Canada), all failed as well and filed bankruptcy as well as Numinus Health Corp in BC for similar issues
Numinus announced in a statement that these actions do not impact its ability to continue operations, which remain focused on research and training businesses related to mental health solutions and psychedelic-assisted therapies.
“Numinus is taking steps to enhance its business practices by streamlining its corporate structure,” read the statement from Numinus. This initiative “allows us to allocate resources more effectively while keeping the focus on core operations”, stated Tan.
Numinus sold its clinics to Stella for an amount estimated to total $3.53 million, and will partner with Numinus to share operational data from their network of 12 mental health clinics with Numinus’ AI-powered SaaS solution leveraging deep patient care expertise.