Business
Skylight Health Suspends Series A Preferred Stock Cash Dividend
Skylight Health Suspends Series A Preferred Stock Cash Dividend.
About this update from Skylight Health Group Inc.
[{"type":"text","content":"\n TORONTO, March 16, 2023 (GLOBE NEWSWIRE) -- Skylight Health Group Inc. (TSXV:SLHG; OTCQX:SLHGF) (“Skylight Health” or the “Company”); a healthcare platform combining technology, and analytics focused on transitioning patients into value-based care to drive better health outcomes and experiences in the United States, today announced that its Board of Directors has suspended the payment of dividends on the Company’s 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) until further notice. The Series A Preferred Shares trade under the “SLHGP” stock ticker symbol. The Company has decided to cancel the monthly dividend scheduled for payment on March 20, 2023, as previously announced on February 9, 2023. The Company believes cancelling the dividend is in the best interests of the Company and its stakeholders as a capital preservations strategy while maintaining flexibility during a critical phase as the global capital markets have significantly pulled back in recent months. In accordance with the terms of the Series A Preferred Stock, dividends on the Series A Preferred Stock will accrue until such dividends are authorized or declared. The Board intends to revisit the resumption of its monthly dividend in the future when appropriate. About Skylight Health Group  Skylight Health Group (TSXV:SLHG: OTCQX:SLHGF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state primary care health network comprised of physical practices providing a range of services from primary care, sub-specialty, allied health, and laboratory/diagnostic testing. The Company is focused on helping small and independent practices shift from a traditional fee-for-service (FFS) model to value-based care (VBC) 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 VBC 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 v...