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)
Skip to content
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.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
Analysis
Canada’s AI hiring boom has reached Bay Street’s top executives
Briefing
VCs are pouring billions of dollars into defence tech
Union head says ‘it’s too risky to wait’ for CUSMA review to start labour talks with Ford Motor
New federal nuclear energy strategy focuses on Candu reactors at home and abroad
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
