SMTI - Sanara MedTech enters plan of merger with Precision Healing

Sanara MedTech (NASDAQ:SMTI) has entered into a definitive agreement and plan of merger with Precision Healing, pursuant to which Precision Healing will merge with and into a wholly owned subsidiary of Sanara. The transaction has been approved by the boards of both companies, received the requisite approval of Precision Healing stockholders and is expected to close today. Prior to this transaction, Sanara owned 25.7% of Precision Healing on a fully diluted basis. The purchase price for this transaction consists of ~$5.1M in stock and cash consideration, the assumption of outstanding options and warrants of Precision Healing and certain earnout obligations, valuing Precision Healing's equity at ~$7.8M before the earnout consideration. The majority of the consideration will be paid by Sanara in stock with a limited number of non-accredited investors receiving cash. Concurrent with the closing of this transaction, Sanara is expected to enter into employment agreements with all key Precision Healing

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Sanara MedTech enters plan of merger with Precision Healing