RESTON, Va., Oct. 30, 2020 /PRNewswire/ -- SOC Telemed,
Inc. ("SOC"), one of the largest national providers of acute care
telemedicine, today announced that it has completed its previously
announced business combination with Healthcare Merger Corp.
("HCMC") (NASDAQ: HCCO), a special purpose acquisition company. The
business combination was approved at a special meeting of HCMC's
stockholders on October 30, 2020 and
closed on October 30, 2020. The
shares of Class A common stock and warrants to purchase shares of
Class A common stock of SOC Telemed are expected to begin trading
on the Nasdaq on November 2, 2020,
under the symbol "TLMD" and "TLMDW," respectively.
SOC Telemed is now led by John
Kalix, Chief Executive Officer, and Hai Tran, Chief Operating Officer and Chief
Financial Officer. Steve Shulman,
the former Chief Executive Officer and a director of HCMC, is now
the Chairman of the SOC Telemed board of directors.
"Today marks an important milestone for SOC Telemed in our
pursuit of delivering rapid access to virtual specialty care when
patients are at their most vulnerable," said John Kalix, Chief Executive Officer of SOC
Telemed. "Virtual care is a critical component of today's
healthcare industry and SOC Telemed is well positioned to
accelerate its penetration of the broad and fast-growing acute
telemedicine market. I am confident in our ability to expand and
benefit from the trends that are driving rapid adoption of
telemedicine."
Steve Shulman, Chairman of the
SOC Telemed board of directors weighed in on the team that
supported today's business combination: "It is important to
acknowledge the leadership and counsel over the past year of our
interim CEO, Paul Ricci who helped
guide us through the months leading up to today's closing."
"Today marks a tremendous opportunity for the SOC Telemed team
and the future of virtual care," said Paul
Ricci who served as interim CEO during the period of time
that led up to the proposed business combination. He continued,
"With its solid technology platform, an enhanced leadership team
and now rapid access to capital, SOC Telemed is ready to serve the
continued demand for acute telemedicine."
Credit Suisse served as financial advisor to SOC and acted as
placement agent on the private offering. Baird and William Blair served as capital
markets advisors to SOC. H2C Securities served as placement
agent on the private placement with strategic healthcare systems.
Orrick Herrington & Sutcliffe
LLP served as legal counsel to SOC. MTS Health Partners, L.P.
served as financial advisor and Weil, Gotshal & Manges LLP and
Ellenoff Grossman & Schole LLP served as legal counsel to HCMC.
Cantor Fitzgerald & Co. served as capital markets advisor to
HCMC.
About SOC
SOC Telemed (SOC) is the largest national
provider of telemedicine technology and solutions to hospitals,
health systems, post-acute providers, physician networks, and
value-based care organizations. 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 and teleICU,
enabling healthcare organizations to build sustainable telemedicine
programs in any clinical specialty. 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.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "potential," "predict," "project," "forecast,"
"intend," "may," "should," "would," "will," "expect," "continue,"
"anticipate," "believe," "seek," "target" or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements about market trends and SOC Telemed's ability to address
its opportunity. These statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of SOC Telemed's management and are not predictions of
actual performance. These forward-looking statements are provided
for illustrative purposes only and are not intended to serve as,
and must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of SOC Telemed.
These forward-looking statements are subject to a number of risks
and uncertainties, including changes in business, market,
financial, political and legal conditions; risks related to SOC
Telemed's business, adoption of its software platform and other
matters; the effects of competition on SOC Telemed's future
business; the potential adverse effects of the ongoing global
COVID-19 pandemic on capital markets, general economic conditions,
unemployment and SOC Telemed's liquidity, operations and personnel;
and those factors discussed in the HCMC's registration statement on
Form S-4 (No. 333-248097) under the heading "Risk Factors,"
filed with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. SOC
Telemed does not undertake any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Media Relations:
Lauren
Shankman
Trevelino/Keller
lshankman@trevelinokeller.com
Investor Relations:
Bob
East or Jordan Kohnstam
Westwicke, an ICR company
SOCIR@westwicke.com
(443) 213-0500
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SOURCE SOC Telemed