Business
WELL Subsidiary WELLSTAR Technologies Closes $62M Financing to Support Its Pre-Spinout Growth Strategy
WELLSTAR announces it has closed on a $62 million equity placement supported by Mawer Investment ...
About this update from Well Health Technologies Corp.
[{"type":"text","content":"WELL Subsidiary WELLSTAR Technologies Closes $62M Financing to Support Its Pre-Spinout Growth Strategy\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwlistdisc { list-style-type: disc }\n \n\n\n\n\n WELLSTAR announces it has closed on a $62 million equity placement supported by Mawer Investment Management, Edgepoint Wealth Management, PICTON Investments and the management team of WELL and WELLSTAR to fund its pre-spinout growth objectives.\n \n\n WELLSTAR is a high growth, profitable, pure-play SaaS healthcare technology company serving over 40% of providers across Canada with high quality technology and services that significantly improve patient care.\n \n\n\n\n\n\n\n Not for distribution to U.S. news wire services or dissemination in the United States\n \n\n\n\n WELL Health Technologies Corp. (TSX: WELL, OTCQX: WHTCF) (“\n \n WELL\n \n ”), a digital healthcare company focused on improving health outcomes by leveraging technology to empower healthcare practitioners and their patients globally, is pleased to announce that its majority-owned subsidiary WELLSTAR Technologies Corp. (“\n \n WELLSTAR\n \n ”) has completed its previously announced Series B Preferred Share financing (the “\n \n Series B Financing\n \n ”), raising aggregate gross proceeds of approximately $62 million. Under the Series B Financing, WELLSTAR issued an aggregate of 41,352,598 Series B Preferred Shares (each, a “\n \n Series B Share\n \n ”) at an offering price of $1.50 per Series B Share. The Series B Financing was supported by three of Canada’s most prominent fund investors, Mawer Investment Management Ltd. (“\n \n Mawer\n \n ”), Edgepoint Wealth Management Inc. (“\n \n Edgepoint\n \n ”) and PICTON Investments.\n \n\n The Series B Financing builds on an initial equity investment led by Mawer and Edgepoint in December 2024, whereby an aggregate of $50.4 million was raised through a Series A Preferred Share investment (each, a “\n \n Series A Share\n \n ”) at an offering price of $1.00 per Series A Share (the “\n \n Series A Financing\n \n ”).\n \n\n WELLSTAR is targeting a public listing in 2026. By separating WELLSTAR from WELL’s clinical operations, investors have the opport...