08:16 AM EDT, 06/20/2024 (MT Newswires) -- Numinus Wellness ( NUMIF ) , a mental healthcare company advancing traditional and innovative behavioral health treatments, said on Thursday that it has signed a letter of intent to buy MedBright AI Investments ( MBAIF ) .

Under the proposed deal, Numinus will issue about 1.9 common shares for each MedBright share. Numinus is expected to issue about 204.7 million shares, about 39% of the pro forma company on an undiluted basis.

MedBright deploys artificial intelligence and machine learning to help medical professionals increase healthcare access, reduce healthcare costs, and improve patient outcomes.

Numinus plans to use MedBright to launch an AI-enabled offering for U.S. mental health care providers.

Further, Numinus Wellness ( NUMIF ) will change its name to Numinus Intelligence upon closing. The company will continue to trade on the Toronto Stock Exchange under the NUMI ticker.