Functional mushroom company focusing on transforming the traditional landscape of mental health Levitee Labs Inc. (CSE: LVT) announced having closed the acquisition of BlockMD Ltd a leading telemedicine platform for patients with substance use disorder.
Levitee said it completed acquisition of all issued and outstanding shares of BlockMD Ltd on July 27. The company paid a total $1.47 million in shares at a price of $0.43 per common share on the closing date of the acquisition deal for a total of 3.4 million shares.
As part of the deal, a downside protection mechanism was also agreed upon in which if the trading price of Levitee’s stock on the Canadian Securities Exchange is less than the issue price on the transaction four months and one day after closure of the deal, Levitee shall make a cash payment to BlockMD in an amount equaling to the difference between the value of share at the closing date.
“We are extremely excited to close the acquisition of this critical piece of infrastructure that advances our strategy as a comprehensive provider of addiction treatment solutions. This acquisition is synergistic with other more traditional healthcare assets we are targeting, and will help position us as a top care provider to individuals, regardless of their physical location,” said Levitee’s CEO, Pouya Farmand.