12:26 PM EDT, 10/31/2024 (MT Newswires) -- Psyence Group said Thursday it has closed the disposal of its 11.13% stake in privately held PsyLabs to its associate, Psyence Biomedical ( PBM ) .

Psyence Biomedical ( PBM ) will issue 2 million shares to Psyence Group as part of the deal, the company said.

Additionally, Psyence Biomedical ( PBM ) has issued 845,394 of its shares to Psyence Group following a debt-for-equity swap agreement, according to the statement.

Shares of Psyence Biomedical ( PBM ) plunged about 24% in recent trading.

Price: 0.07, Change: -0.02, Percent Change: -24.47