DataMeds AI stock surges on litigation settlement

DataMeds AI Inc (NASDAQ:MEDS) experienced a significant surge in its stock price on Friday as the company announced the successful settlement of litigation related to outstanding debt. The healthcare technology firm reported the retirement of approximately $19 million in liabilities, which were previously listed on its balance sheet as debt and receivables.

This settlement followed a legal dispute stemming from the May 11, 2023 Wellgistics, LLC Membership Purchase Interest Agreement. As part of the settlement, DataMeds AI retired around 364,099 common shares and paid out $450,000 in cash. Interim Co-CEO Gerald E. Commissiong expressed the company's relief at being rid of the outstanding litigation, allowing it to refocus on addressing healthcare's most pressing challenges.

DataMeds AI, headquartered in Tampa, Florida, is a Health IT company dedicated to integrating technology, pharmacy, pharmaceutical-related, and telemedicine business units through its Health Lives Here mobile application. The company utilizes its AI platform, EinsteinRx, and blockchain-enabled smart contracts platform, PharmacyChain.

DataMeds AI's Corexa Health subsidiary provides pharmacy and related services, including the distribution of Tollo Health, LLC-developed products.