IONM - Assure sees pre-market surge following acquisition of NervePro
- Assure Holdings ( NASDAQ: IONM ) is trading around +13% pre-market on Friday following the acquisition of all assets of assets of Neuroprotect Neuromonitoring ((NervePro)) and some of its affiliates.
- NervePro has operations in Denver, Colorado and performed around 750 IONM managed cases in 2022. It has three technologists supporting five surgeons at seven facilities.
- John Farlinger, Assure’s CEO, said: "The acquisition is consistent with our strategic plan to become a consolidator in the IONM industry, seeking targets with operations in states like Colorado where we have an existing presence in order to leverage our current employee footprint and revenue cycle management competency. This acquisition is expected to improve our financial position. Further, we intend to improve on NervePro’s historic per procedure revenue in 2023 and beyond."
- Assure did not disclose the cost of the acquisition, but it plans to pursue more such deals and is looking for additional IONM assets. As part of the transaction, Assure issued 1.5M common shares to NervePro at a deemed price of $0.26 per share and agreed to register the shares for resale on or prior January 31, 2023.
For further details see:
Assure sees pre-market surge following acquisition of NervePro