Numinus Wellness to wind down subsidiaries
Numinus Wellness (TSX: NUMI) (OTCQX: NUMIF) informed investors after the markets closed on Friday that it plans to wind down certain non-operating subsidiaries as part of an effort to simplify the company’s corporate structure and concentrate resources on its core business areas.
The company also recently announced that Michael Tan had been appointed CEO of the company, with Payton Nyquvest transitioning to the role of executive chair. At the time, Tan said he would prioritize strengthening Numinus’ clinical research and practitioner training programs while aligning the company’s focus to better address emerging opportunities in mental health care.
Not long after the change in the C-suite, the company acknowledged it was delayed in publishing its financial statements and noted that the British Columbia Securities Commission issued a “failure to file” cease trade order (FFCTO). The Toronto Stock Exchange suspended trading in the company’s securities due to the order, and the company said an audit was underway.
The subsidiaries affected and their respective wind-down methods are as follows:
- Mindspace Services Inc. (Canada) – Bankruptcy
- Neurology Centre of Toronto Inc. (Ontario) – Bankruptcy
- Numinus Bioscience Inc. (British Columbia) – Bankruptcy
- Salvation Bioscience Inc. (Canada) – Bankruptcy
- Numinus Health Corp. (British Columbia) – Bankruptcy
Numinus said in a statement that these actions do not affect the overall company’s ability to continue operations, which remain focused on its research and training businesses around mental health solutions and psychedelic-assisted therapies.
“By streamlining its corporate structure, Numinus is ensuring a more sustainable and efficient path forward,” the statement read.
“This initiative allows us to allocate resources more effectively and maintain focus on our core operations,” Tan said.
In December, Numinus sold its clinics to Stella for $3.53 million. Stella plans on partnering with Numinus to share operational data from its network of 12 mental health clinics. Numinus is developing an AI-based SaaS solution leveraging its deep patient care expertise.