SRx Health Solutions, Inc. (NYSE: SRXH) shares fell sharply Tuesday. The Tampa-based company, a leading global health and wellness concern, today announced the successful closing of a $7.3-million convertible note financing, led by insiders and existing investors.
Additionally, SRX Health has secured a $50-million equity line of credit. This financing and ELOC financial commitment significantly strengthens the Company’s balance sheet and provides additional working capital to advance near-term growth initiatives.
Chairman Lionel Conacher stated, “These financings represent a pivotal milestone in our transformation into a leading North American healthcare provider. The access to the ELOC allows us optionality to aggressively pursue accretive M&A opportunities in the U.S. while continuing to scale our high-growth specialty pharma platform in Canada.”
This morning’s news release revealed that the combined proceeds from the financing will be deployed to support SRXH’s acquisition pipeline in the U.S., bolster its Canadian specialty pharma footprint, and invest in next-generation capabilities that enhance patient access and operational efficiency across its core business.
“SRx combines years of industry knowledge,” continues the release “technology, and patient-centric focus to create strategies and solutions that consistently exceed client expectations and drive critical patient care initiatives aimed to improve wellness…”
SRXH shares plummeted $1.49, or 71.9%, to 58 cents.
