DataMeds AI Inc. (NASDAQ: MEDS) has settled approximately $19 million in debt litigation by paying $450,000 in cash and retiring roughly 364,099 common shares, the company said in an SEC filing.
The settlement resolves outstanding debt and receivables stemming from a Membership Purchase Interest Agreement dated May 11, 2023, between DataMeds AI — formerly Wellgistics Health Inc. — and Wellgistics LLC. Additional terms of the agreement were documented in a Form 8-K filed with the Securities and Exchange Commission.
"The Company is pleased to put this outstanding litigation behind it so it can focus on solving healthcare's biggest challenges for our clients through the vertical integration of healthcare delivery, and the compliant tokenization of pharmaceutical supply tracking and patient data," said Gerald E. Commissiong, interim co-CEO of DataMeds AI.
DataMeds AI, headquartered in Tampa, Florida, operates technology, pharmacy, and telemedicine business units. The company also develops the EinsteinRx artificial intelligence platform and the PharmacyChain smart contracts platform for pharmaceutical supply tracking.
The settlement removes a material liability from the company's balance sheet, with the retired shares representing a non-cash component of the resolution alongside the $450,000 cash payment.
