MPathix Health Inc. acquired Qualis Innovations, Inc. in a reverse merger transaction.
July 30, 2021
Share
mPathix Health Inc. acquired Qualis Innovations, Inc. (OTCPK:QLIS) in a reverse merger transaction on June 28, 2021. As a result of the share exchange, Qualis will install its new board of directors: Demir Bingol, Chairman and Chief Executive Officer, John Ballard, Chief Financial Officer and Board Member, Joseph Pergolizzi, Managing Director, Board Member, Jim Holt and Madding King, Board Members.
mPathix Health Inc. completed the acquisition of Qualis Innovations, Inc. (OTCPK:QLIS) in a reverse merger transaction on June 29, 2021. In exchange, Qualis issued to mPathix?s shareholders, their designees or assigns, an aggregate of 6,988,300 shares of Qualis common stock, or approximately 93.4% of the shares of common stock of Qualis issued and outstanding immediately after closing, and Qualis issued warrants to purchase an additional 1,098,830 shares of Qualis common stock, exercisable for 10 years at a $0.50 per share exercise price, subject to adjustment. In connection with the closing of acquisition, the officers and directors of mPathix were appointed as the officers and directors of Qualis.
Qualis Innovations, Inc. is the holding company under which mPathix Health, Inc. (mPathix) operates. mPathix is a clinical-stage company focused on the development, production and distribution of pain management and other central nervous system-based solutions. It develops products designed to address the unmet needs of patients who seek alternatives to traditional pain medications and interventions or adjunctive therapies to their treatment regimen. Its product, which is its sole product and is in the development pipeline, is SOLACE, a non-invasive medical device that uses electromagnetic induction to generate deep heat below the surface of the skin to reduce and relieve pain. SOLACE delivers radio frequency (RF) energy continuously and thereby delivers thermal effects to the tissues and utilizes several differentiated features vs other RF devices on the market. SOLACE device is based on high-frequency magnetic induction technology, which it refers to as Electromagnetic Induction.