By Adriano Marchese
Shares of Numinus Wellness fell sharply Friday after the company said has agreed to sell its U.S.-based clinics and pivot to a software-as-a-service company.
Shares fell 25% to 6 Canadian cents (4 cents).
The Vancouver, British Columbia-based mental healthcare company said it has partnered with Stella, an interventional psychiatry practice focused on treating various mental health conditions, to develop clinic management solutions for mental health practices.
"We're now accelerating our mission by focusing on cutting-edge technology solutions," Founder and Chief Executive Payton Nyquvest said.
It will also sell its U.S.-based clinics to Stella for $3.5 million.
Numinus said that this direction creates an asset-light business with a synergistic combination of clinical support, practitioner training and clinical research backed by a stronger balance sheet.
As part of the deal, Stella is expected to provide access to operational data from its network of 12 mental health clinics to Numinus.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
November 15, 2024 09:49 ET (14:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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