Noveris shareholder Bartch disposes of shares

The most recent release (May 21, 2026) reports that founder and former CEO Joshua Bartch has disposed of virtually his entire stake. Through a series of transfers and an arm’s‑length sale by Phantom Technologies Corp – a company he controls – Bartch reduced his ownership from 6.83 million shares (≈11.66% of the 58.55 million outstanding) to just 29,519 shares (≈0.05%). The key transaction was a sale of 3,047,900 shares to Haytop Digital Services Ltd at $1.50 per share, for total proceeds of $4.57 million. The sale is disclosed retroactively; the trade itself took place on April 20, 2026.
In the broader timeline: The company had just absorbed a damaging corrective disclosure (April 20) that admitted serious misrepresentations – including false claims about AI use, FDA ambitions, and active operations – and then announced a pivot into stem‑cell distribution via the acquisition of a 49% stake in ELL Stem Cells (April 29). The former CEO, who had resigned only days before the problematic LIFE Offering closed, is now completely exiting.

Bartch’s near‑total disposal is materially negative. As the founder and erstwhile CEO, his departure was already a red flag; his decision to liquidate the entire position at $1.50 – well below the recent market price of $1.97 – signals an extreme lack of confidence in the company’s future. The timing is critical: it comes right after the embarrassing BCSC‑forced restatement that revealed the company had no active R&D, no AI resources, and had abandoned FDA‑related goals. A chief insider choosing to sell everything, even as the market gave the stock a brief reprieve, strongly suggests that the recent rally was used as an exit window. For retail shareholders, it erodes any remaining trust in management’s narrative. The market is likely to re‑price the news harshly.

Noveris Health Sciences originally described itself as a mental‑health therapeutics company with a psilocin‑related patent portfolio (3 issued patents, 13 pending applications). However, the BCSC‑forced correction revealed that all R&D had been paused since late 2024, the partnership with the University of Alberta was halted, and the company had no internal AI capabilities and was no longer pursuing FDA approvals.
On April 29, 2026, the company announced a strategic pivot into stem‑cell biology, signing a term sheet to acquire 49% of ELL Stem Cells – a registered U.S. FDA tissue bank distributing regenerative products – for USD $1 M, with an option to buy the remaining 51% later. No flagship project in the traditional sense exists; the company is essentially a shell with a patent portfolio and a small pending acquisition.