MYND Life Sciences Inc (MYND)

[namah sivaya]

MYnd Analytics and Emmaus Life Sciences Report Progress on Merger and Spin-off Transaction

Merger and Spin-off Transaction on Track to Close by End of July

New Spin-Off Record Date Set for July 15, 2019

MISSION VIEJO, Calif. and TORRANCE, Calif., July 09, 2019 (GLOBE NEWSWIRE) -- MYnd Analytics, Inc. (Nasdaq: MYND) , a predictive analytics company aimed at improving the delivery of mental health services through the combination of telemedicine and data analytics, and Emmaus Life Sciences, Inc. (“Emmaus”), a leader in sickle cell disease treatment, today provided an update on the planned merger and spin-off transaction announced on January 7, 2019. The respective special stockholder meetings will be held today, July 9, 2019, to consider approval of the proposed merger and spin-off transaction. Subject to approval by holders of record of the companies at the respective special stockholder meetings, MYnd will issue a number of shares of common stock to the current Emmaus shareholders, which will result in MYnd shareholders retaining 5.9% of the fully diluted shares of the 'New Emmaus' post-closing and a pro rata distribution of one share of Telemynd’s common stock for each share of MYnd common stock held at the end of trading on July 16, 2019. The companies have set a new Spin-Off Record Date of July 15, 2019 in order to comply with certain NASDAQ and DTC requirements. Those individuals who hold shares at the close of trading on the 16th of July will receive the Telemynd dividend. MYnd shares will trade ex-dividend on July 17, which means that persons who purchase MYnd shares on July 17 will not receive shares of Telemynd.

It is expected that on July 16 and July 17, the necessary steps will occur to spin off Telemynd with the current MYnd assets, effectuate the merger and any adjustments needed to meet NASDAQ listing standards and commence trading on July 18, 2019 under the new symbol “EMMA.”

Yutaka Niihara, MD, MPH, CEO and Chairman of Emmaus, stated, “We are very grateful for this opportunity to merge with MYnd Analytics. The anticipated listing on Nasdaq via the merger with MYnd Analytics is an important step to maximize value for shareholders. We look forward to sharing with the public markets our progress on the market acceptance of Endari, which is indicated to reduce the acute complications of sickle cell disease in adult and pediatric patients 5 years and older. Endari addresses a $3 billion global market. In addition to the treatment of sickle cell disease, we believe our platform technology has the potential to address other major clinical indications such as diverticulosis.”

Robin Smith, Chairman of MYnd Analytics, commented, “We are pleased with the progress of the merger and spin-off transaction, which remains on track to close before the end of this month, subject to approval of shareholders. We believe this transaction will drive significant value for all shareholders, and we will provide further updates following the respective shareholder meetings.”

http://www.globenewswire.com/news-release/2019/07/09/1880221/0/en/MYnd-Analytics-and-Emmaus-Life-Sciences-Report-Progress-on-Merger-and-Spin-off-Transaction.html