PsiloTec Health Solutions Inc. entered into a non-binding letter of intent to acquire Michichi Capital Corp. in a reverse merger transaction for CAD 14.3 million on August 12, 2021. It is intended that, upon closing of the transaction, holders of PsiloTec shares will receive one Michichi share in exchange for each PsiloTec share held immediately prior to closing. Existing PsiloTec shareholders will hold approximately 28.509 million Resulting Issuer Shares, representing approximately 93% of the outstanding Resulting Issuer Shares and existing holders of Michichi Shares will hold approximately 2.1 million Resulting Issuer Shares, representing approximately 7% of the outstanding Resulting Issuer Shares. Upon Closing, Peter Silverstone and Louise M. Duchesne are each expected to own more than 10% of the Resulting Issuer shares. Upon closing, it is intended that the Resulting Issuer will carry on the business as previously carried on by PsiloTec prior to the completion of the proposed transaction and will continue under the name of "PsiloTech Health Solutions Inc.", or such other name as is determined by PsiloTec, the PsiloTec shareholders and the TSXV.

At closing, the board of directors of the Resulting Issuer will include Jeff McCaig, a current member of the board of directors of Michichi, and certain nominees put forth by PsiloTec. The nominees of PsiloTec are expected to include Peter Silverstone, Murray Weimer and James Mish, with certain further nominees to be put forth by PsiloTec prior to closing. Upon completion of the transaction, it is expected that the management team of the Resulting Issuer will consist of the following individuals: Peter Silverstone – Chief Executive Officer; Louise M. Duchesne – Chief Financial Officer; Scott Phillips – Chief Operating Officer; Rutger Engels – Chief Scientific Officer; Adam Darbellay, MPAcc – Strategic Financial Consultant; Scott W.N. Clarke – Corporate Secretary; Matthew Brown – Vice President Technology; James Scott – Vice President Mycology; Robert Rogers – Lead Mycology Research and Formulation; and Tradd Cotter – Advisor, Mycology Enhancement. The transaction is subject to approval by the boards of directors and shareholders of each of PsiloTec and Michichi; receipt of all required regulatory and third party approvals, including TSXV approval, and compliance with all applicable regulatory requirements and conditions necessary to complete the proposed transaction; the satisfactory completion of due diligence by both Michichi and PsiloTec; and the negotiation and execution of a definitive agreement in respect of the transaction.

PsiloTec Health Solutions Inc. cancelled the acquisition of Michichi Capital Corp. in a reverse merger transaction on January 13, 2023.