SOC Telemed (NASDAQ:TLMD) stock is rocketing higher on Thursday thanks to a new acquisition deal with Patient Square Capital.
This deal will have Patient Square Capital acquiring SOC Telemed for $3 per share. That’s a massive 366.1% premium over the stock’s closing price on Wednesday. It also represents a 93.1% premium over the stock’s sixty-day volume-weighted average price.
SOC Telemed notes that it will continue to operate as its own company after going private. That includes current CEO Dr. Chris Gallagher sticking around to lead the company once the acquisition is complete.
According to SOC Telemed, the all-cash offer for its stock is in the best interest of investors. The company also claims that going private will give it the flexibility and resources it needs to continue its business.
The Board of Directors at SOC Telemed have given their unanimous support to the deal. Now it just needs to complete closing conditions, which includes approval from shareholders and regulators. So long as there are no issues, the deal is set to close in the second quarter of 2022.
It’s also worth highlighting that TLMD stock is experiencing heavy trading following today’s acquisition news. As of this writing, more than 15 million shares of the stock have changed hands. That’s a massive jump over the company’s daily average trading volume of about 730,000 shares.
TLMD stock is up 328.8% as of Thursday morning.
There’s more stock market news for investors to jump into below!
InvestorPlace has all the latest stock coverage that traders need for Thursday! Among that is why Nokia (NYSE:NOK) stock is falling today, this morning’s biggest pre-market stock movers, as well as why President Joe Biden needs to address Tesla (NASDAQ:TSLA). You can find out more about these topics by checking out the following links!
More Thursday Stock Market News
- Nokia Stock Alert: Why Are NOK Shares Down Despite Dividend, Buyback News?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Biden Must Recognize That TSLA Stock Is America’s Best EV Bet
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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