IONM - Assure Holdings to purchase assets from Innovation Neuromonitoring for $1.2M

2023-06-26 08:33:09 ET

• Assure Holdings ( NASDAQ: IONM ) has signed a letter of intent to purchase certain assets of Innovation Neuromonitoring, LLC for ~$1.2 million in a cash and equity deal.
• Innovation is a leading IONM company primarily serving the Greater Dallas, Texas and Charleston, South Carolina regions.
• The move to add density in the state of Texas, Assure's ( IONM ) largest market and also extends its geographic footprint to South Carolina.
• Per the terms of LOI, Assure ( IONM ) will acquire Innovation’s contracts, employees, business relationships, equipment and other assets.
• The consideration will be paid in $800K in cash and $400K in Assure common stock, subject to escrow and other requirements.~$500K of the $800K cash will be paid over 24 monthly installments, with adjustments based on the number of surgeries and the commercial payor mix.
• The proposed deal will take the form of either an asset or equity purchase by Assure at its choice at closing.
• The deal is expected to close in early July subject to fulfilment of certain terms and conditions.

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