Company: MIRA
Filing Date: 2025-07-29
Form Type: PRER14A
Source: 0001641172-25-021434
Chunk: 223

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-07-29
Form: PRER14A
Chunk 223
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. Debt and Equity ratios are based upon the average of Damodaran’s (Pharmaceutical Industry) and comparable company’s (peer group – see Appendix) data, as follows:

2. Cost of debt is the average of the cost of debts in the pharmaceutical industry according to Damodaran’s data (6.82%).

3. The beta is based on Damodaran data (unlevered beta of the Pharmaceutical industry) and the peer group average.

| Moore Financial Consulting |

| MIRA Pharmaceuticals, Inc. | April 2025    |
| Valuation                  | Page 28 of 28 |

Appendix – Peer group

The peer group we found relevant to Mira’s valuation are the largest American companies in the Drug manufacturers industry:

| Moore Financial Consulting |

Annex D

| Fairness 
 Opinion  |     | May  
 2025 |

22/05/2025

To: MIRA Pharmaceuticals, Inc. & SKNY Pharmaceuticals, Inc.

Dear Sirs,

You have requested our opinion as to the fairness, from a financial point of view, to MIRA Pharmaceuticals, Inc. (“MIRA”) and SKNY Pharmaceuticals, Inc. (“SKNY”) (together: the “Companies”) of the Exchange Ratio in the proposed merger (the “Transaction”) between the Companies.

Pursuant to the Agreement and Plan of Merger, (the “Agreement”), assuming specific conditions specified in the agreements, including cash balances in both companies, both companies will hold common shares of the merged entity, a NASDAQ traded company, with holding ration of 50% to the original MIRA shareholders and 50% to the original SKNY shareholders.

In connection with preparing our opinion, we have (i) reviewed the Agreement; (ii) reviewed certain publicly available business and financial information concerning the Companies and the industries in which they operate; (iii) analyzed both companies’ share pricing as traded in the relevant stock exchanges; (iv) reviewed certain internal financial analyses and forecasts prepared by the managements of the Companies relating to the Companies’ businesses (v) performed such other financial studies and analyses and considered such other information as we deemed appropriate for the purposes of this opinion.

In addition, we have held discussions with certain members of the management of the Companies with respect to certain aspects of the Transaction, and the past and current business operations of the Companies, the financial condition and future prospects and operations of the Companies, and certain other matters we believed necessary or appropriate to our inquiry.

In giving our opinion, we