Mind Cure Health (CSE: MCUR) (OTCQX: MCURF) (FRA: 6MH) (“MINDCURE”) today announced that a special committee of the company’s board of directors has concluded the initial phases of its strategic review process. According to the announcement, the special committee completed an extensive canvas of various strategic alternatives available to the company and determined that the additional capital required to execute the company’s business plan is unlikely to be found under the current and foreseeable market conditions and that none of the strategic alternatives available to the company necessitated ongoing developmental expenditures. As a result, the board has decided to immediately eliminate all expenditures outside of those required to preserve the value of the company’s assets, including its public company status with Canadian securities regulators and cash and cash equivalents of approximately $10.57 million on an unaudited basis as at close of business yesterday and without adjusting for any current liabilities as at such date or arising from the elimination of expenditures described in the news release. “Though we continue the strategic review process, we have identified no available strategic alternatives that would require further development and execution of MINDCURE’s existing business plan,” said the chair of MINDCURE’s special committee, Jason Pamer. “As a result, we have determined that the company should immediately move to reduce all non-necessary expenditures except as required to preserve the value of the company’s cash balance and other assets.”
To view the full press release, visit https://ibn.fm/C7zLa
About Mind Cure Health Inc.
MINDCURE is a life sciences company focused on innovating and commercializing new ways to promote healing and improve mental health. The company is developing digital therapeutics technology and researching psychedelic compounds to support access to safe, evidence-based, psychedelic-assisted therapies globally. For more information about the company, visit www.MindCure.com.
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