VANCOUVER, British Columbia - Algernon Health Inc. (CSE:AGN) (FRANKFURT:AGW0) (OTCQB:AGNPF) will change its corporate name to Grey Matters Health Inc. effective Monday, according to a press release statement.
The Canadian healthcare company will consolidate its Class A common shares on a 10-to-1 basis and begin trading under the new symbol GREY on the Canadian Securities Exchange on Monday. The consolidation was previously announced on March 31, 2026.
Following the consolidation, the total issued and outstanding number of common shares will be approximately 5,418,243. The new CUSIP number will be 397884107 and the new ISIN number will be CA3978841078.
Letters of transmittal will be mailed to registered shareholders with instructions on exchanging their share certificates or DRS statements for new certificates representing post-consolidated shares. Non-registered shareholders who hold shares through an intermediary do not need to take any action.
The company's outstanding preferred shares, warrants, stock options and restricted share units will also be adjusted according to their respective terms.
Algernon Health focuses on providing brain-specific PET scanning services through a planned network of neuroimaging clinics in the United States for detection of Alzheimer's disease and other forms of dementia, as well as epilepsy, neuro-oncology and movement disorders including Parkinson's disease. The rebranding comes as the company's stock has faced significant headwinds, declining 77% over the past year to a current price of $0.11, though shares showed recent strength with a 10% gain over the past week. According to InvestingPro analysis, the stock appears undervalued at current levels, trading below its Fair Value. The company maintains a market cap of $14.72 million and holds more cash than debt on its balance sheet. For investors evaluating the restructuring, InvestingPro offers 7 additional exclusive tips and comprehensive financial metrics.
The company has a program for Repirinast, a repurposed drug for chronic kidney disease, and operates Algernon NeuroScience, a wholly owned subsidiary advancing a psychedelic program investigating a proprietary form of DMT for stroke and traumatic brain injury recovery.
In other recent news, Algernon Health Inc. announced plans to rename itself as Grey Matters Health Inc. and consolidate its shares on a 10-to-1 basis. This change is part of the company's strategy to focus on the Alzheimer's Disease diagnostic market. The company has already reserved the new name and trading symbol GREY with the Canadian Securities Exchange. Additionally, new symbols for the OTCQB and Frankfurt exchanges will be announced at a later date. Algernon Health aims to establish brain PET scanning clinics in the United States under the NovaScan Neuroimaging Clinics brand. These recent developments highlight the company's strategic shift in focus and branding efforts.