Panacea Life Sciences Holdings, Inc. (OTCPK:PLSH) entered into a letter of intent to acquire N7 Enterprises, Inc. for $2.7 million on January 19, 2023. Pursuant to the terms of the letter of intent, Panacea would acquire all of the outstanding membership interests of N7 Enterprises in consideration for the issuance of common shares of the Company to the existing shareholders of N7 Enterprises. For its two business segments, N7 Enterprises showed $4.1 million in revenue for the 2022 fiscal year. Pursuant to the Letter of Intent, the Company and N7 Enterprises agreed to negotiate and enter into a definite merger and share exchange purchase agreement to effect the acquisition of N7 Enterprises through the Merger. Under the Letter of Intent, and subject to the negotiation of the Definitive Agreement, at the time of the Merger we would issue to N7 Enterprises? stockholders 22.2 million shares of Panacea common stock. The deal is expected to close on around February 28, 2023.

Panacea Life Sciences Holdings, Inc. (OTCPK:PLSH) completed the acquisition of N7 Enterprises, Inc. on October 5, 2023.