SOC Telemed closed its business combination with Healthcare Merger Corp. Oct. 30, officially establishing the combined company on the Nasdaq Stock Market at an initial value of around $720 million.
Five notes:
1. SOC Telemed and Healthcare Merger Corp., a public investment firm that raised $250 million in an initial public offering in December 2019, announced their merger in July.
2. The new combined company is expected to begin trading on the Nasdaq Stock Market Nov. 2.
3. SOC Telemed is now led by former president John Kalix, who now serves as CEO, and Hai Tran, COO and CFO. Steve Shulman, former CEO and a director of HCMC, will now serve as chair of the SOC Telemed board of directors.
4. Cincinnati-based Bon Secours Mercy Health on Oct. 23 committed to making a private investment in the business combination on the same terms as previous commitments from certain investors for $165 million in common stock of the combined company.
5. SOC Telemed provides virtual care software and tech services primarily for acute care in hospitals. The company serves 847 facilities including 543 acute care hospitals in 47 states.