Sibannac, Inc. (OTCID: SNNC) said on August 13, 2026 that it has signed a non-binding letter of intent with two partners it did not name, covering a possible collaboration and business combination in the market for GLP-1 weight-loss and diabetes drugs and related testing.
A letter of intent, or LOI, sets out what parties intend to discuss. This one is described in the release as non-binding, which means no definitive agreement exists and key terms are still unnegotiated.
According to the company, the parties are contemplating the formation of a new Arizona limited liability company to act as a special purpose vehicle — an entity created for a single transaction. That vehicle would then be reverse-merged into Sibannac, or combined with it in another structure. In a reverse merger, a private business is folded into an existing listed company, with the private side's owners typically receiving newly issued shares.
The release does not say how many shares would be issued, what percentage of the combined company the partners would hold, or what Sibannac shareholders would retain. It also states no purchase price, valuation or closing date.
On the partners themselves, Sibannac offers descriptions rather than names. One is characterised as a developer of turnkey clinical platforms already used by hundreds of clinicians who prescribe GLP-1 medications, and by groups working on peptide research and related therapies. The company says this partner has "meaningful commercial scale in the current market" but gives no revenue, clinician count beyond "hundreds," or customer figures.
The second partner is said to be part of a network that has developed an at-home genetic test intended to indicate how a patient may respond to and tolerate GLP-1 drugs. Per the release, that network is expanding into further genetic tests, customised nutraceuticals, a health-optimisation phone app and laboratory services run in-house.
Chief Executive David Mersky said in the announcement that if the contemplated deal closes, the company "currently believes the combined platform has the potential to contribute meaningful revenue to SNNC." That is a statement of belief about an unsigned transaction, not booked revenue, and the release attaches no figure to it.
Sibannac describes itself as a Nevada corporation founded in 1999 and based in Paradise Valley, Arizona, focused on wellness products. The announcement contains no financial information about Sibannac itself — no cash balance, no operating results, no share count and no indication of how any transaction or the underlying businesses would be funded.
What remains, then, is an early-stage document. Investors evaluating it have no counterparty names, no financials and no binding commitment to work from, and the next verifiable step would be a definitive agreement, which the company has not said when it expects.
Source: Sibannac, Inc.
This article is journalism, not investment advice. It is not an offer or solicitation to buy or sell any security. Micro-cap and penny stocks carry a high risk of loss, including illiquidity and dilution. Do your own research.