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SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

Note 15. SUBSEQUENT EVENTS

 

Corporate Name and Trading Symbol Change

 

On July 20, 2026, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to change its name from Wellgistics Health, Inc. to DataMeds AI, Inc. (the “Name Change”). The Charter Amendment was duly approved by the Company’s stockholders in accordance with Section 242 of the General Corporation Law of the State of Delaware and became effective as of 12:01 a.m., Eastern Time, on July 22, 2026. In connection with the Name Change, the Company’s common stock began trading on The Nasdaq Capital Market under the new ticker symbol “MEDS” effective July 22, 2026, replacing the Company’s prior symbol “WGRX.” The Name Change and the change in trading symbol did not affect the rights of the Company’s stockholders, and the Company’s CUSIP number remains unchanged.

 

Amended and Restated Letter of Intent

 

As previously disclosed, on May 20, 2026, the Company entered into a Fully Binding Term Sheet, dated May 18, 2026, with EOS Technology Holdings, Inc. (“EOS”), Scilex Holding Company (“Scilex”), Datavault AI Inc. (“Datavault”), HealthBridge Advisors, LLC (“HBA”), and Fortitude Advisors, LLC, as further described in Note 10. On July 29, 2026, the Company entered into an Amended and Restated Letter of Intent (the “LOI”) with EOS, Scilex, Datavault, and HBA, which superseded and replaced the May 18, 2026 Term Sheet in its entirety.

 

Pursuant to the LOI, subject to negotiation and execution of definitive agreements, the Company would acquire or exclusively license certain intellectual property assets from EOS and Scilex, expand its existing license arrangement with Datavault, and acquire a controlling interest in Tollo Health, LLC through an exchange of membership interests with HBA. Consideration under the LOI consists solely of shares of the Company’s common stock (“Acquisition Stock”), with no preferred stock or convertible securities to be issued. Upon issuance of the Acquisition Stock, EOS, Scilex, Datavault, and HBA are expected to own, in the aggregate, approximately 84.6% of the Company’s common stock (EOS – 19.9%; Scilex – 19.9%; Datavault – 19.9%; HBA – 24.9%), with Fortitude Advisors, LLC expected to own approximately 5.0%, and the Company’s existing public stockholders expected to hold the remaining approximately 10.4%, in each case on a fully diluted, post-closing basis and subject to adjustment and the terms of definitive agreements. The LOI contemplates post-closing registration rights, transfer restrictions, and management and board changes, and provides for exclusive negotiation among the parties through September 30, 2026, subject to a 30-day due diligence termination right and other customary conditions.

 

The proposed transaction remains subject to due diligence, negotiation and execution of definitive agreements, stockholder and other approvals, financing availability, and other customary conditions, including potential Nasdaq change-of-control listing requirements. No assurance can be given that definitive agreements will be entered into or that the proposed transaction will be consummated on the terms described above or at all.

 

Dream Bowl 2026 Meme Coin Distribution

 

On July 27, 2026, the Company announced an updated record date of August 7, 2026 for the distribution of “Dream Bowl 2026” meme coins to holders of the Company’s common stock, pursuant to which stockholders as of the record date will be entitled to receive fifty (50) Dream Bowl 2026 meme coins for each share of common stock held. The distribution date will be determined by subsequent resolution in coordination with Datavault AI, Inc. As of the date these financial statements are issued, the Company had not yet distributed the meme coins, and financial statement impact, if any, of the distribution had not yet been determined.

 

Subsidiary Rebranding

 

On August 10, 2026, the Company announced that it had completed the renaming of its pharmacy and pharmacy technology subsidiaries to Corexa Pharmacy, LLC (f/k/a Wellgistics Pharmacy, LLC) and Corexa Tech & Hub, LLC (f/k/a Wellgistics Tech & Hub, LLC), respectively. The Company also renamed its pharmacy-focused division to Corexa Health, LLC, under which Corexa Pharmacy and Corexa Tech & Hub operate as subsidiaries. The Company’s wholesale pharmaceutical distribution subsidiary continues to operate under the name Wellgistics, LLC.