Today, the SOC Telemed stock market suddenly skyrocketed by as much as 328%, reaching a price of $2.7600 after the announcement of the acquisition by Patient Square Capital. Recall that, the previous trading sessions were closed at $0.6436. However, Patient Square Capital will bring extensive and up-to-date experience working with healthcare systems and supplier organizations to SOC Telemed.
According to the agreement, SOC Telemed’s holders will receive about 3 dollars in cash per unit of Class A ordinary shares. The purchase price is 366% higher than SOC Telemed’s closing price on Wednesday, February 2, 2022. The corporation already has the permission of shareholders who own around 39% of the Company’s outstanding shares, but it still requires the approval of a larger number of shareholders.
Moreover, the transaction is scheduled to be completed in the second quarter of 2022, subject to compliance with or rejection of the usual closing conditions. After the transaction is closed, SOC Telemed’s ordinary shares will not be listed on any public market. The Company will also publish its results for the full year and the fourth quarter of 2021 until March 31, 2022. Dr. Chris Gallagher, Chief Executive Officer, will continue to lead the company after the deal is completed.