- WELL Health Technologies Corp. (WELL) has completed a bought deal public offering for proceeds of $34.5 million
- WELL Health defines itself as a practitioner focused digital healthcare company
- The offering includes 9.32 million WELL Health common shares priced at $3.70 per share
- 1.21 million are a result of a full-exercised over-allotment option
- Proceeds will finance its growth initiatives and general corporate commitments
- WELL Health Technologies Corp. (WELL) is up 1.05 per cent and is trading at $3.85 per share as of 2:24 p.m. ET
WELL Health Technologies Corp. (WELL) has completed a bought deal public offering for proceeds of $34.5 million.
WELL Health defines itself as a practitioner focused digital healthcare company working towards creating positive health outcomes to empower and support healthcare practitioners and their patients.
The offering includes 9.32 million WELL Health common shares priced at $3.70 per share. Of those shares, 1.21 million are a result of a full-exercised over-allotment option.
Hamed Shahbazi, Chairman and CEO of WELL Health, commented,
“We had a very successful offering given the quality of the investors that we were able to attract at this crucial time… This offering allows WELL to improve its defensive and offensive posture at a critical time and will be deployed in a highly accretive manner that definitively generates shareholder value.”
The company will use the proceeds to finance its growth initiatives, which it has defined as potential future physician acquisitions, higher margin speciality clinics, and executive health opportunities. Proceeds will also fund working capital and general corporate commitments.
WELL Health’s management team participated in the offering by purchasing 12,000 common shares. Therefore, the offering establishes itself as a related party transaction.
WELL Health Technologies Corp. (WELL) is up 1.05 per cent and is trading at $3.85 per share as of 2:24 p.m. ET.
