Science 37 Holdings Inc - SNCE STOCK NEWS

eMed, LLC successfully completed the tender offer for Science 37 Holdings, Inc. shares at $5.75 per share, acquiring approximately 77.8% of outstanding shares. The acquisition will be finalized through a merger, with each share converted to $5.75 in cash.

eMed, LLC initiates a cash tender offer to acquire Science 37 Holdings, Inc. at $5.75 per share, following a Merger Agreement. The Offer expires on March 11, 2024, with no financing condition. Saratoga Proxy Consulting LLC and Continental Stock Transfer & Trust Company are involved in the transaction.

Science 37 Holdings, Inc. has entered into a definitive merger agreement with eMed, LLC, valued at an equity value of approximately $38 million. The transaction, structured as an all-cash tender offer, will see Science 37 stockholders receiving $5.75 per share. The acquisition is expected to enhance Science 37's ability to access unique patients and enroll studies faster, bringing significant resources for long-term sustainability. The transaction is subject to the tender of a majority of Science 37's outstanding shares of common stock and other customary closing conditions. Upon completion, Science 37 will become a privately held company and shares of Science 37 common stock will no longer be listed on any public market. Additionally, Science 37 provided a business update, with gross bookings of $22.3 million and $102.0 million for the quarter and full year ended December 31, 2023, respectively. Revenue for the full year is expected to be within the most recently issued guidance of $58 to $59 million, and Adjusted EBITDA for the full year is expected to be better than the most recently issued guidance of ($32.5) million.

Science 37 Holdings, Inc. (SNCE) has been recognized as a Leader in the Decentralized Clinical Trials (DCT) PEAK Matrix® Assessment by the Everest Group for the third consecutive year. Science 37 is the only clinical trial site to achieve this recognition, enabling sponsors to access unreachable patients through traditional site networks. With leading telemedicine investigators, mobile nurses, and patient communities, Science 37 allows patients to participate from home, facilitating faster enrollment and reaching diverse patient populations.

Science 37 Holdings, Inc. (SNCE) announced the granting of inducement equity awards under the Amended and Restated 2022 Employment Inducement Incentive Award Plan. The awards were approved by the Compensation Committee for non-executive employees, including options to purchase 19,800 shares of common stock at $0.24 per share, with a 10-year term and a four-year vesting schedule.

Science 37 Holdings, Inc. (Nasdaq: SNCE) announced a 1-for-20 reverse stock split of its outstanding common stock to regain compliance with the $1.00 minimum bid price requirement for maintaining its listing on Nasdaq. The split will reduce the number of shares outstanding from approximately 119 million to approximately 6 million, and will be effective on December 8, 2023. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 808644207.

Science 37 Holdings, Inc. (Nasdaq: SNCE) announced the granting of inducement equity awards under the Amended and Restated 2022 Employment Inducement Incentive Award Plan. The awards, approved by the Compensation Committee, were made to non-executive employees as a material inducement to their employment. Options to purchase 36,500 shares of Science 37 common stock at an exercise price of $0.2874 per share were granted to 2 new employees, with a 10-year term and a four-year vesting schedule.

Science 37 Holdings, Inc. (SNCE) reported a 50.6% increase in gross bookings, reaching $17.9 million in the third quarter of 2023. However, revenue decreased by 8.4% to $14.9 million. The company's net loss improved by 28.9% to $13.9 million, resulting in a loss per share of $0.12. Cash and Cash Equivalents as of September 30, 2023, were $56.4 million. Full year 2023 financial outlook includes updated revenue guidance of $58.0-$59.0 million and adjusted EBITDA guidance of approximately $(32.5) million.

Science 37 Holdings, Inc. (Nasdaq: SNCE) will report Q3 2023 financial results on November 7, 2023. A conference call will be held at 8:30 a.m. ET to discuss the results. The webcast can be accessed on the company's website.