New Stock Arbitrage — Akumin Inc.
Here is a summary of our most recent Stock Arbitrage transaction that we have participated in . The stock involved were issued by Akumin Inc., one of the leading providers of outpatient diagnostic imaging services in the United States.
Since the trading volume of this stock was limited, the club only participated in a small portion. Short selling at $3.95 and repurchase at $3.90 to achieve a risk-free profit of $0.05 per share.
Akumin is a leading provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States with a network of 71 owned and/or operated imaging centers located in Florida, Pennsylvania, Delaware, Texas, Illinois and Kansas. By combining our clinical expertise with the latest advances in technology and information systems, our centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, minimizing the cost and amount of care for patients. Our imaging procedures include MRI, CT, positron emission tomography (PET), ultrasound, diagnostic radiology (X-ray), mammography, and other interventional procedures.
Akumin Inc. announced that it has issued 8,750,000 shares of common stock to the public. The issuance price of the stock is set to be US$4.00, and the total fund-raising amount will be US$35,000,000. The Company intends to use the net proceeds from the offering to finance the cash consideration portion of the potential acquisition by a subsidiary of the Company of certain outstanding non-controlling interests in seven of the Company’s existing Texas-based diagnostic imaging centers (the “NCI Acquisition”) , being approximately $17.9 million; to support the Company’s growth initiatives and the acquisitions it pursues from time to time; and for general corporate purposes, including to fund other ordinary course expenses
|Exchange||Toronto Stock Exchange|
|Issue Size||8,750,000 shares of common stock and the total fund-raising amount will be US$35,000,000. The Underwriters shall have an over-allotment option up to an additional 1,312,500 Common Shares for additional gross proceeds of US$5,250,000.|
|Closing Date||On or about May 2, 2018|
|Underwriter||Clarus Securities Inc.|
|Stock Type||Bought deal offering by way of a short form prospectus, subject to the underwriting agreement, to be filed in the provinces of Canada, other than the Province of Québec. The Common Shares may be offered and sold in the United States pursuant to the exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”)|
We will notice all of our members next time when there is a stock arbitrage opportunity! For all the the detailed information regarding our arbitrage products or related business inquiries, please visited our website or send us a direct message!