InMed Pharmaceuticals Inc. has completed a business combination with Mentari Therapeutics, Inc., resulting in the combined entity being renamed Mentari Therapeutics, Inc. and redomesticating the company from British Columbia, Canada to the State of Nevada. The transaction, which closed on November 6, 2026, was structured as a merger involving InMed and its subsidiaries merging with Mentari.
Immediately prior to the closing, InMed effected a one-for-ten reverse stock split, changing its name to Mentari Therapeutics, Inc. and designating 4,013 of its authorized preferred shares as Series A Non-Voting Preferred Shares. Following the merger, InMed shareholders own approximately 1.0% of the combined company, while Mentari shareholders, including those who participated in a pre-closing financing, own approximately 99.0%.
The merger is intended to qualify as a tax-free reorganization under U.S. federal law. In connection with the deal, certain Mentari stockholders holding approximately 49.8% of the company entered into support agreements to vote in favor of the transaction. Additionally, Mentari’s executive officers, directors, and certain stockholders agreed to lock-up agreements, prohibiting the sale of their shares for 180 days following the closing.
The combined company is led by Mentari’s management team and remains focused on developing therapies for migraine prevention. The transaction included a pre-closing financing that raised approximately $490.0 million in gross proceeds, consisting of a $290.0 million First Pre-Closing Financing and a $200.0 million Second Pre-Closing Financing.
