SSY - Micro Cap Bid Up Following Asset Sale Announcement

2023-11-14 09:40:58 ET

An Atlanta-based %Healthcare company is already gaining some major steam so far during Tuesday’s premarket hours after the company announced that its subsidiary, Crown Healthcare Investments, LLC, has signed an agreement with Progressive Health Group, LLC for the sale of the subsidiary that owns and operates Trace Regional Medical Center, which includes a hospital, skilled nursing facility and three patient clinics in Chickasaw County, MS, for approximately $8,000,000, according to the release.

Traders were excited about the news as they are currently willing to purchase shares of %SunLinkHealthSystems (NYSE: SSY) at $0.66/share (+10.00% implied open for sellers) at the time of writing. Seeing that this sale is worth more than the company’s total market cap of around $4 million, it will be interesting to see how this micro cap does following the opening bell!

SunLink Health Systems Inc is engaged in providing retail pharmacy services. The company operates its business through segments namely the Healthcare Services segment and Pharmacy segment. The Healthcare Services segment includes subsidiaries that own and operates nearly 80-licensed-bed, acute care hospitals, which includes more than 18-bed geriatric psychology unit, and over 60-bed nursing home; own medical buildings, which are leased to unaffiliated healthcare providers, and adjacent vacant land; and provides information technology to outside customers. The Pharmacy segment, which is the key revenue generator is composed of retail pharmacy products and services that are conducted in rural markets; institutional pharmacy services; pharmacy services; and durable medical equipment.