Algernon Health Announces Proposed Name Change to “Grey Matters Health Inc.” and a 10:1 Share Consolidation

Rhea-AI Summary

Algernon Health (OTCQB: AGNPF) plans to change its name to Grey Matters Health Inc. and reserved the CSE symbol GREY. The company proposes a 10:1 share consolidation, reducing 54,182,431 shares to ~5,418,243 post-consolidation.

The rebrand aligns with a shift toward Alzheimer’s diagnostic services and plans to open NovaScan Neuroimaging Clinics, with the first clinic announced at HCA Florida University Hospital in Davie. The company retains drug-development assets, including a 20% stake in Seyltx and intellectual property for DMT stroke and CKD programs. Name change and consolidation require CSE approval.

Positive

• Post-consolidation shares approximately 5,418,243 (10:1 reduction)
• Rebranding to GREY aligns with Alzheimer’s diagnostic market focus
• First NovaScan Neuroimaging Clinic announced at HCA Florida University Hospital, Davie
• Retains 20% ownership in Seyltx and $2,000,000 Ifenprodil sale proceeds

Negative

• Share Consolidation may reduce free float and decrease trading liquidity
• Name change and Consolidation are subject to CSE approval, timing uncertain

VANCOUVER, British Columbia, March 31, 2026 (GLOBE NEWSWIRE) -- Algernon Health Inc. (the “Company” or “Algernon”) (CSE: AGN) (FRANKFURT: AGW0) (OTCQB: AGNPF), a Canadian healthcare company, announces that it intends to change its corporate name from “Algernon Health Inc.” to “Grey Matters Health Inc.” (the “Name Change”). The Company has reserved the new name and new symbol “GREY” with the Canadian Securities Exchange (the “CSE”). The new symbols for the OTCQB and Frankfurt exchange will be provided shortly.

Grey Matter is a biological term defined as the darker tissue of the brain and spinal cord, consisting mainly of nerve cell bodies and branching dendrites. The addition of an “s” to the name is a play on words underscoring the importance of cognitive health, and the Company’s interest in brain related healthcare programming.

Principally, the planned name change reflects the Company’s expanding focus on the Alzheimer’s Disease (“AD”) diagnostic market and our plans to establish specialized brain PET scanning clinics across the United States under the brand name NovaScan Neuroimaging Clinics^TM, with the first clinic recently announced to be located at the HCA University Medical Office Building, on the campus of the HCA Florida University Hospital in Davie. This reflects a natural transition of the Company’s focus after entering the AD diagnostic market in 2025.

Additionally, the new name has a legacy connection to the Company’s long-standing drug development programs including N,N-Dimethyltryptamine (“DMT”) for ischemic brain stroke and traumatic brain injury, which are serious neurological conditions, as well as its program for Repirinast, a repurposed drug for CKD, which is a mast cell inhibitor, a mechanism shown preclinically to reduce inflammation and cognitive decline in AD. The Company continues to own its current assets within drug development, including an ongoing 20% ownership position in Seyltx, Inc. (“Seyltx”), a private US drug development company advancing Ifenprodil in chronic cough, as well as intellectual property, including patents, pertaining to the Company’s DMT Stroke and chronic kidney disease programs. Ifenprodil, the Company’s former chronic cough drug which was sold for USD$2,000,000 and a 20% carried interest in Seyltx, works by interfering with cough signalling in the brain.

Concurrently with the Name Change, the Company will be consolidating its Class A common shares (the “Common Shares”) on a ten (10) to one (1) basis (the “Consolidation”). The Company currently has 54,182,431 Common Shares issued and outstanding. Following the proposed Consolidation, the Company will have approximately 5,418,243 Common Shares issued and outstanding without accounting for rounding for fractional shares.

Upon completion of the Consolidation, a letter of transmittal will be sent by mail to registered shareholders advising that the Consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates or DRS statements evidencing their pre-consolidated Common Shares for new share certificates or new DRS statements representing the number of post-consolidated Common Shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the Consolidation.

The Name Change and Consolidation remain subject to the approval of the CSE. The Company will issue a further news release upon receiving CSE approval, announcing the effective date of the Name Change and Consolidation. The Common Shares are expected to begin trading on the CSE on a post-Consolidation basis, after the CSE issues its final bulletin advising of the effective date of the Consolidation. In addition to the Company’s Common Shares, its current outstanding preferred shares, warrants (both common and preferred), stock options and restricted share units will also be adjusted in accordance with their respective terms.

The Company will provide an update shortly on its planned official clinic opening date, as well as when it will begin accepting referrals and begin PET scanning of patients.

Christopher J. Moreau
CEO
Algernon Health Inc.
604.398.4175 Ext 701
info@algernonhealth.com
investors@algernonhealth.com
www.algernonhealth.com

About Algernon Health  

Algernon is a Canadian healthcare company focused on the provision of brain specific PET scanning services through a planned network of new neuroimaging clinics in the U.S. for the early-stage detection of Alzheimer’s Disease, and other forms of dementia, as well as epilepsy, neuro-oncology, and movement disorders including Parkinson’s disease. Algernon has a program for Repirinast, a repurposed drug for CKD, and is also the parent company of Algernon NeuroScience, a wholly owned subsidiary, that has been advancing a psychedelic program investigating a proprietary form of DMT for stroke and traumatic brain injury recovery. The Company’s chronic cough drug Ifenprodil, which works by stopping cough in the brain, was sold for USD $2M cash and a 20% equity position in Seyltx, a private U.S. based drug development company that continues to advance research on the drug.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY DISCLAIMER STATEMENT: This news release contains forward-looking statements relating to clinic opening, both the inaugural site and additional clinic locations throughout the U.S., referral acceptance and the offering of PET scanning timelines, product development, licensing, commercialization, completion of the proposed Name Change and Consolidation, CSE approval of the Name Change and Consolidation, and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.

FAQ

What does the 10:1 share consolidation mean for AGNPF shareholders?

It reduces every ten pre-consolidation shares into one post-consolidation share. According to the company, 54,182,431 shares will become approximately 5,418,243 shares, and registered shareholders will receive a transmittal letter with exchange instructions; non-registered holders need take no action.

When will Algernon Health (AGNPF) start trading under the new name GREY?

Trading under the new name begins after CSE approval and its final bulletin. According to the company, the effective date will be announced once the CSE approves the Name Change and Consolidation and issues its bulletin, after which post-consolidation trading will commence.

How does the name change to Grey Matters Health affect Algernon's business strategy?

The rebrand signals a strategic shift toward Alzheimer’s diagnostics and brain health services. According to the company, it plans to establish NovaScan Neuroimaging Clinics across the U.S., reflecting an expanded focus after entering the AD diagnostic market in 2025.

Will Algernon Health's drug-development assets be affected by the name change?

No—drug-development assets remain with the company following the rebrand. According to the company, it retains IP for DMT stroke and CKD programs and a 20% ownership position in Seyltx alongside prior proceeds from the Ifenprodil sale.

What should registered AGNPF shareholders do to exchange share certificates after the consolidation?

Registered shareholders will receive a mailed letter of transmittal with exchange instructions. According to the company, the letter will explain how to exchange pre-consolidation certificates or DRS statements for post-consolidation share certificates or new DRS statements.