Company: MIRA
Filing Date: 2025-03-24
Form Type: 8-K
Source: 0001641172-25-000199
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Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-24
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement

On
March 19, 2025, MIRA Pharmaceuticals, Inc. (the “ Company”) entered into a binding letter of intent (the “ LOI”)
with SKNY Pharmaceuticals, Inc. (“ SKNY”), a privately held Delaware corporation, to acquire SKNY through a stock exchange
transaction (the “ Acquisition”). The acquisition will bring SKNY-1, a novel oral drug candidate targeting weight loss and
smoking cessation - two of the leading causes of preventable death - into MIRA’s development pipeline. As part of the agreement,
SKNY will provide a $5 million capital infusion in cash or cash equivalents, further strengthening MIRA’s financial position and
supporting future growth initiatives.

SKNY
holds exclusive rights to its compounds in the United States, Canada, and Mexico. Under the terms of the LOI, SKNY will merge into the
Company through a stock exchange, with each outstanding share of SKNY’s common stock being exchanged for shares of MIRA’s
common stock. The exact exchange ratio will be determined by an independent third-party valuation firm (the “ Independent Valuator”)
based on the relative values of both companies. The completion of the Acquisition is contingent upon the Independent Valuator determining
that SKNY’s valuation is at least equal to or greater than that of the Company. The Acquisition will be subject to shareholder
approval of both companies.

Both
parties have agreed to a 90-day mutual due diligence period, during which they will work in good faith to negotiate and execute a definitive
stock purchase agreement and any related transaction documents. Upon completion of the Acquisition, all of SKNY’s assets, including
its drug candidates, will become wholly owned by MIRA, further expanding the Company’s development pipeline.

The
foregoing description of the Letter of Intent is qualified in its entirety by the full text of the Letter of Intent, which is attached
as Exhibit 10.1 to this Current Report on Form 8-K.

Item
9.01 Financial Statements and Exhibits.