05:01 PM EDT, 07/11/2024 (MT Newswires) -- Numinus Wellness ( NUMIF ). (NUMI.TO), a mental health care company, after trade Thursday said it reduced losses in its fiscal third quarter, compared to the prior quarter, even as revenues were down.

NUMI reported loss and comprehensive loss for the third quarter ended May 31, of $5.13 million compared to a loss and comprehensive loss for the fiscal second quarter ended February 29 of $5,71 million.

It reported revenue of $4.3 million, a 1.9% decline from fiscal Q2.

Among other highlights, NUMI said it had a cash position of $3.7 million as of May 31.. It noted that on June 20 it executed a letter of intent to acquire MedBright AI Investments Inc. ( MBAIF ) by way of a statutory plan of arrangement. Under the terms of the LOI, the company will issue 1.86 shares of Numinus for each MedBright share, making up an aggregate of approximately 204,729,372 of the company's shares.

Numinus shares closed up $0.005 to $0.045 on the Toronto Stock Exchange, leaving it at the low end of its 52-week trading range.