SOC Telemed, Inc. (NASDAQ: TLMD), the largest national provider of acute care telemedicine, today announced that its stockholders approved the acquisition of SOC Telemed by Patient Square Capital, a leading dedicated health care investment firm, at a special meeting.
Steve Shulman, Chairman of the SOC Telemed Board of Directors, said, “On behalf of the SOC Telemed Board, I would like to thank our stockholders for their support of this transaction. Today’s vote represents an important milestone towards beginning our next chapter as a private company, and we look forward to partnering with Patient Square Capital to meet the growing needs of patients, physicians and our hospital partners.”
The final voting results will be reported in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission (the “SEC”).
Under the terms of the Agreement and Plan of Merger announced on February 3, 2022 (the “Merger Agreement”), SOC Telemed stockholders will receive $3.00 in cash per share of Class A common stock. SOC Telemed expects to announce the consummation of the transaction within the coming days, subject to the satisfaction of certain customary closing conditions set forth in the Merger Agreement. Upon closing of the transaction, SOC Telemed will become a privately held company and SOC Telemed’s Class A common stock and warrants to purchase SOC Telemed’s Class A common stock will no longer be listed on any public market.
About SOC Telemed
SOC Telemed is the leading national provider of acute telemedicine technology and solutions to hospitals, health systems, post-acute providers, physician networks, and value-based care organizations since 2004. Built on proven and scalable infrastructure as an enterprise-wide solution, SOC’s technology platform, Telemed IQ, rapidly deploys and seamlessly optimizes telemedicine programs across the continuum of care. SOC provides a supportive and dedicated partner presence, virtually delivering patient care through teleNeurology, telePsychiatry, teleCritical Care, telePulmonology, teleCardiology, teleInfectious Disease, teleNephrology, teleMaternal-Fetal Medicine and other service lines, enabling healthcare organizations to build sustainable telemedicine programs across clinical specialties. SOC enables organizations to enrich their care models and touch more lives by supplying healthcare teams with industry-leading solutions that drive improved clinical care, patient outcomes, and organizational health. The company was the first provider of acute clinical telemedicine services to earn The Joint Commission’s Gold Seal of Approval and has maintained that accreditation every year since inception. For more information, visit www.soctelemed.com.
About Patient Square Capital
Patient Square Capital is a dedicated health care investment firm that partners with best-in-class management teams whose products, services and technologies improve health. We utilize our deep industry expertise, our broad network of relationships and a true partnership approach to make investments in companies that will grow and thrive. We believe in the power these companies have to improve patient lives, strengthen communities and create a healthier world. Patient Square Capital is purpose built by a team of industry-leading executives, differentiated by the depth of our focus in health care, the breadth of our health care investing experience, and the network we can activate to drive differentiated outcomes. Most importantly, patients are squarely at the center of all that we do. For more information, visit www.patientsquarecapital.com.