TLMD - SOC Telemed skyrockets 337% on to be acquired by Patient Square Capital

SOC Telemed (NASDAQ:TLMD) rallied 336.6% higher premarket after it entered into a definitive agreement to be acquired by dedicated health care investment firm, Patient Square Capital. Under agreement terms, SOC Telemed stockholders will receive $3/share of Class A common stock in cash which is a premium of 366.1% over Feb.2 closing price. The board has approved the transaction and recommends stockholders to approve and adopt the merger agreement at the special meeting. On transaction completion, SOC Telemed will become a private company and will continue to invest its clinical capabilities, innovating its offering and expanding its footprint. The agreement includes a 30-day "go-shop" period, which allows the SOC Telemed Board and its advisors to actively initiate, solicit and consider alternative acquisition proposals from third parties. The transaction is expected to close in 2Q22. SOC Telemed is scheduled to report Q4 and FY results by Mar.31, 2022.

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SOC Telemed skyrockets 337% on to be acquired by Patient Square Capital