Accolade Announces Repurchase of $76.5 Million of 0.50% Convertible Senior Notes Due 2026
16 Novembro 2023 - 6:03PM
Accolade, Inc. (NASDAQ: ACCD) today announced that it has entered
into separate, privately negotiated transactions with certain
holders of its outstanding 0.50% Convertible Senior Notes due 2026
(the “Notes”) to repurchase (the “Repurchases”) approximately $76.5
million aggregate principal amount of the Notes for an aggregate
cash repurchase price of approximately $65.8 million.
“We are strategically improving our net cash position and
strengthening our balance sheet through the repurchase and
retirement of outstanding notes at a significant discount to par
value. Combined with our consistent operational execution toward
profitability, our market leadership, and our strategic vision, we
are well positioned to achieve our long-term financial and
strategic objectives," said Steve Barnes, Accolade chief financial
officer.
The Repurchases are expected to close on or about November 21,
2023, subject to certain closing conditions. Following the closing
of the Repurchases, Accolade intends to cancel the repurchased
Notes and, after such cancellation of repurchased Notes,
approximately $211.0 million aggregate principal amount of the
Notes will remain outstanding.
About Accolade, Inc.
Accolade (Nasdaq: ACCD) is a Personalized Healthcare company
that provides millions of people and their families with
exceptional healthcare experiences so they can live their
healthiest lives. Accolade’s employer, health plan, and consumer
solutions combine virtual primary care and mental health, expert
medical opinion, and best-in-class care navigation. These offerings
are built on a platform that is engineered to care through
predictive engagement of population health needs, proactive care
that improves outcomes and cost savings, and by addressing barriers
to access and continuity of care. Accolade consistently receives
consumer satisfaction ratings of over 90%. For more information,
visit accolade.com. Follow us
on LinkedIn, Twitter, Instagram and Facebook.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and the Private Securities Litigation Reform Act of 1995, as
amended. These forward-looking statements include statements
related to the amount of the Notes to be repurchased and the
ability to complete the Repurchases on the timeline described
herein or at all. Forward-looking statements are subject to risks
and uncertainties and are based on potentially inaccurate
assumptions that could cause actual results to differ materially
from those expected or implied by the forward-looking statements.
Actual results may differ materially from the results predicted,
and reported results should not be considered as an indication of
future performance. In some cases, you can identify forward-looking
statements because they contain words such as “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “maintain,” “might,” “likely,” “plan,” “potential,”
“predict,” “project,” “seek,” “should,” “target,” “will,” “would,”
or similar expressions and the negatives of those terms.
Important risks and uncertainties that could cause our actual
results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others,
the risks described under the heading “Risk Factors” in Accolade’s
most recently filed Annual Report on Form 10-K and subsequent
filings, which should be read in conjunction with any
forward-looking statements. All forward-looking statements in this
press release are based on information available to Accolade as of
the date hereof, and it does not assume any obligation to update
the forward-looking statements provided to reflect events that
occur or circumstances that exist after the date on which they were
made, except as required by law.
Investor Contact:
Todd Friedman, Investor Relations, IR@accolade.com
Source:
Accolade
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