Mycotopia Therapies (OTCPK:TPIA) subsidiary of Ehave, Inc. (OTCPK:EHVVF), has signed a definitive agreement to complete a triangular merger with Ei.Ventures, to form PSLY.COM. The companies anticipate closing the transaction on or about July 30, 2022.
Ehave owns approximately 9.79 million shares of Mycotopia Therapies, which was valued around $28.4 million at the close on May 20. As of May 16, 2022 Ehave currently has 276.77 million shares outstanding, which values Ehave's stake in Mycotopia Therapies at more than $0.10 per share. In addition to Ehave's Mycotopia Therapies stake, the company owns its KetaDASH subsidiary, MetaHealthU, and is developing partnerships with SelfDecode, COGAPPS, GoMeyra, and Vastmindz.
The transaction between Mycotopia Therapies and Ei.Ventures will be structured as a triangular merger. The two companies will form a new holding company, PSLY.COM, and operate as subsidiaries after the merger. PSLY.COM will apply for a NASDAQ listing. Mycotopia Therapies primary focus is on mushroom and psychedelic opportunities. The company has been performing most of its research in Jamaica, where psilocybin is legal, as well as working with one of the largest cannabis labs in the Netherlands to develop psychedelics to jointly license certain molecules to be used in psychedelic medicine. Ei.Ventures' ambition is to deliver governmental approved therapeutic treatment options that address the current global mental healthcare pandemic. By leveraging blockchain, emerging technologies and the Metaverse, Ei.Ventures intends to create a safe, efficient, and secure way to provide telehealth services in general, as well as for psychoactive therapeutics.
Ben Kaplan, CEO of Ehave, Inc., stated, "The statistics on the declining state of mental health in America are devastating. Globally, the statistics are even more bleak. Ei.Ventures recently completed a successful reg A offering, which raised over $25 million. Their plan is not only to profit from delivering governmental approved therapeutic treatment options that address the current global mental healthcare crisis, but to provide solutions for the millions of people who want to improve their mental health. Not only will this transaction afford Ei.Ventures with better opportunities to raise capital in order to execute its business plan, it is a fantastic opportunity to monetize Ehave's Mycotopia Therapies asset for our shareholders."
Photo: Courtesy of Marco Allegretti on Unsplash
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