Two companies in the psychedelics space have signed a definitive agreement to merge.
Mycotopia Therapies Inc. (OTC:TPIA) and Ei.Ventures Inc. have executed a previously-announced agreement by which they’ll give birth to a new entity called PSLY.com, which will become the parent company for both.
Both companies are are working on research, development and commercialziation of naturally-produced psychedelics like psilocybin mushrooms.
The Details
The merger was originally announced in December 2021 via a letter of intent.
According to the companies, PSLY will have a combined valuation of $383 million: $23 for Mycotopia and $360 million for Ei.Ventures. After the merger is finalized, shareholders of each entity will receive shares proportional to the company’s valuation.
David Nikzad, CEO of Ei.Ventures said that out of all the companies out there, Mycotopia was the most exciting. “The areas where they specialize and have been working complement the Ei mission and business plan perfectly.”
Mycotopia CEO Ben Kaplan concurred that merging Ei and Mycotopia creates the perfect combination of synergies.
Ei.Ventures announced plans to sell Mycotopia’s psilocybin products in legal or legally-gray markets like Jamaica and The Netherlands.
“We are in markets where psilocybin is already legal,” Kaplan said. “Combining forces makes sense for the shareholders of both companies, as well as the millions of people that could potentially benefit from our combined product pipeline.”
The newly formed company will eventually list on the NASDAQ.
Photo by Chris Liverani on Unsplash.
