DataMeds AI settles litigation, retiring $19M in liabilities

DataMeds AI, Inc. (NASDAQ: MEDS) announced it has settled litigation related to outstanding debt and receivables stemming from a May 11, 2023 Wellgistics, LLC Membership Purchase Interest Agreement, according to a company press release.

The settlement eliminates approximately $19 million in liabilities that were previously carried on the company's balance sheet. As part of the agreement, DataMeds AI retired approximately 364,099 shares of its common stock and paid $450,000 in cash.

"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.

Additional details on the settlement were filed with the Securities and Exchange Commission on Form 8-K.

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