BBLN - Babylon jumps after report of potential sale process company denies talks (update)

Update 4:06pm : Adds Babylon denies earlier report.

• Babylon Holdings ( NYSE: BBLN ) soared 9.2% before its shares were halted for news pending after a report that the U.K.-based digital healthcare company is said to be considering a take-private transaction.
• Babylon ( BBLN ) said it has not engaged in nor has it had contact or discussions with any potential acquirer, according to a statement. The company is actively working with the staff of the NYSE to resume trading as soon as possible.
• Babylon, which connects patients and doctors via an app, is said to be holding early talks with investors about how to address its sinking share price, according to a Bloomberg report. BBLN shares have plunged 92% since going public through a SPAC transaction in October.
• The company is looking at options including a take private to a possible deal with a strategic partner, according to the report. Babylon ( BBLN ) could also look to raise new funds to grow its business.
• Babylon ( BBLN ) originally announced a deal to go public through SPAC Alkuri Global Acquisition in June of last year, which was expected to value the combined company at an equity value of about $4.2 billion. Babylon currently has a market value of about $287 million.
• Last Tuesday Babylon ( BBLN ) reported Q2 GAAP EPS of -$0.41, revenue of $265.36M.

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