- Skylight Health Group (SLHG) has announced a commitment of US$5 million
- The investment is in the form of a convertible debenture and is from a multi-billion dollar growth-oriented healthcare institutional investment firm in the United States
- The first tranche of $3.37 million has been completed, while the second tranche for the remaining $1.63 million is expected to close within 30 days
- Skylight Health Group is a healthcare services and technology company working to positively impact patient health outcomes
- Skylight Health Group Inc. opened trading at C$0.64 per share
Skylight Health Group (SLHG) has announced a commitment of US$5 million.
The investment is in the form of a convertible debenture and is from a multi-billion dollar growth-oriented healthcare institutional investment firm in the United States.
The investment is set to close in two tranches.
The first tranche of $3.37 million has been completed, while the second tranche for the remaining $1.63 million is expected to close within 30 days.
The investment is structured in the form of a 0-per-cent interest, asset-backed convertible debenture.
Each debenture shall be in the principal amount of C$1,000. Each debenture shall be convertible into 1,111 common shares of the company at C$0.90.
The funds will be used to support Skylight on its pathway to profitability.
The company noted that over the last two quarters, it has seen and reported an improved EBITDA performance while growing its top-line revenue.
“Skylight structured this investment to reduce dilution to shareholders while giving the Company a significant buffer to execute on its vision,” explained Prad Sekar, CEO and Co-Founder of Skylight Health.
“We’ve continued to show increased revenue and decreased burn and expect to reach cash-flow-positivity in the upcoming quarters,” he added.
In addition, the Board of Directors of the company has authorized, and the company has declared, a dividend on its 9.25 per cent Series A cumulative redeemable perpetual preferred shares for the month of November 2022.
The Series A Preferred Shares trade under the “SLHGP” stock ticker symbol.
In accordance with the terms of the Series A Preferred Shares, the Series A dividend will be payable in cash in the amount of $0.1927 per share on November 21, 2022, to the shareholders of record of the Series A Preferred Stock as of the dividend record date of October 28, 2022.
Skylight Health Group is a healthcare services and technology company working to positively impact patient health outcomes.
Skylight Health Group Inc. opened trading at C$0.64 per share.