Less than one year after going public, the Toronto-based mental-health company is being sold for a fraction of its IPO price. The deal is expected to close in the first quarter of 2022, pending shareholder approval and meeting other closing conditions. (The Logic)
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Less than one year after going public, the Toronto-based mental-health company is being sold for a fraction of its IPO price. The deal is expected to close in the first quarter of 2022, pending shareholder approval and meeting other closing conditions. (The Logic)
Talking point: CloudMD will pay roughly $4.78 a share for the company, well below the $8 per share at which it debuted in December 2020. The company recently underwent a leadership change, with Dan Clark taking over for founder and former Bay Street financier Sam Duboc in July after the stock performed poorly in the first half of the year. MindBeacon, whose platform connects people with psychotherapy services, initially benefited from investor enthusiasm around telehealth startups, but the company failed to find a sustainable business model, losing roughly $10 million net so far this year on almost $16 million in revenue. Its stock surged nearly 21 per cent as of Monday’s close.
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