MYnd Analytics, Emmaus say merger, spin-off transaction to close by end of July
MYnd Analytics and Emmaus Life Sciences 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." A registration statement has been filed with the Securities and Exchange Commission, which includes the definitive joint proxy statement/prospectus of MYnd and Emmaus, which was declared effective by the SEC.