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 will issue 2 million shares to Psyence Group as part of the deal, the company said.
Additionally, Psyence Biomedical 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 plunged about 24% in recent trading.
Price: 0.07, Change: -0.02, Percent Change: -24.47
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