TORONTO, Sept. 16, 2022 (GLOBE NEWSWIRE) — Skylight Health Group Inc. (NASDAQ: TSXV: SLHG) (“Skylight Health” or the “Company”), a multi-state primary care management group in the United States, announced that its Board of Directors has authorized, and the Company has declared, a dividend on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) for the month of October 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 October 20, 2022 to the shareholders of record of the Series A Preferred Stock as of the dividend record date of September 28, 2022.
The company has granted an aggregate of 253,740 Deferred Share Units (“DSU”) and 397,436 Restricted Share Units (“RSU”) to Directors of the Company in accordance with the Company’s Omnibus Equity Incentive Plan in satisfaction of a portion of their annual compensation. Each RSU entitles the holder to acquire one common share of Skylight Health Group (the “Common Shares”) upon vesting. The RSUs vest on September 16, 2023. The RSUs and DSUs were priced based on the Company’s share price at market close on September 14, 2022 of $0.67. The DSU and RSU awards are subject to all necessary regulatory approval.
Finally, pursuant to the terms and subject to the conditions of the Debt Settlement Agreements, the Company will issue an additional aggregate of 845,351 common shares (each a “Common Share”) to the Creditors at a deemed price of $0.70 per Common Share, in satisfaction of the Debt. The issuance of the Common Shares to the Creditors pursuant to the Debt Settlement Agreement is subject to the approval of the TSX Venture Exchange. The Common Shares will be subject to a statutory resale restriction which will expire four months and one day from the date of issuance in accordance with applicable securities laws. All shares are subject to a 4 month holding period.
About Skylight Health Group
Skylight Health Group (TSXV:SLHG) is a healthcare platform in the United States utilizing software and services to transition patients into a value-based care model and drive better health outcomes and experiences. The Company operates a multi-state health network comprised of physical practices that provide services from primary care, sub-specialty, allied health, and laboratory and diagnostic testing. The Company focuses on transitioning small and independent practices from a traditional fee-for-service (FFS) model to value-based care through tools including proprietary technology, data analytics and infrastructure. In an FFS model, payors (commercial and government insurers) reimburse on an encounter-based approach. This puts a focus on volume of patients per day. In a value-based care model, the providers offer care that is aimed at keeping patients healthy and minimize unnecessary health expenditures that are not proven to maintain the patient’s well-being. This places an emphasis on quality over volume. Through this model, Skylight Health is able to improve patient outcomes, reduce cost of delivery, and drive stronger financial performance.
Forward Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as “look forward,” “believe,” “continue,” “building,” or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the Canadian securities regulators, and Canadian Securities Administrators, available at www.sedar.com, and on our website, at skylighthealthgroup.com.
For more information, please visit our website or contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.