On August 12, 2024, Neuronetics, Inc. announced the acquisition of Greenbrook TMS Inc. in an all-stock transaction valued at approximately US$45 million (CAD 60 million). The deal, implemented through a court-approved plan of arrangement under the Business Corporations Act (Ontario), saw Greenbrook shareholders receive 0.01149 shares of Neuronetics for each Greenbrook share, giving them 43% ownership of the combined company, while Neuronetics shareholders held 57%.

The merger was expected to create a vertically integrated organization capable of providing Transcranial Magnetic Stimulation (TMS) therapy at scale. The combined company continued to operate as Neuronetics, Inc. and trade on NASDAQ under the ticker STIM. As part of the transaction, Madryn Asset Management LP agreed to convert its outstanding credit and notes into Greenbrook shares before the deal's closing.

Canaccord Genuity acted as financial advisor to Neuronetics, with legal counsel from Ballard Spahr LLP and Stikeman Elliott LLP. Greenbrook was advised by A.G.P./Alliance Global Partners, with Torys LLP as legal counsel. The transaction was expected to close in Q4 2024, subject to shareholder and court approvals, after which Greenbrook’s shares were to be delisted from OTCQB, and the company applied to cease being a reporting issuer under Canadian securities laws.