You don’t hear of reverse takeovers very often in the startup game, at least not in Quebec. But here we are. In order to bypass the lengthy and expensive process of setting up an IPO, Montreal’s Carebook Technologies announced they had completed such a deal just after yesterday’s closing bell.
The company, which creates digital products for pharmacies, insurance providers, governments and others, has acquired Pike Mountain Minerals Inc. of Vancouver. A 3-stage process ensued.
First, the reverse takeover of Pike by the former securityholders of Carebook, then Pike changing its name to “Carebook Technologies Inc.” and finally, the anticipated listing of the Resulting Issuer’s common shares on the TSX Venture Exchange. Carebook received conditional approval from the TSX-V on September 25, 2020. Trading is expected to commence under the symbol “CRBK” on or about October 6, 2020.
“The Carebook team has worked diligently over the past several months on closing the reverse takeover in anticipation of an upcoming listing on the TSX-V,” said Pascale Audette, Chief Executive Officer of Carebook. “Our mandate to transform the global health industry with our powerful digital platform is strengthened with this additional capital generated by the private placement. With these new resources behind us, we will continue to lead the way to provide accessible, connected health for companies and individuals.”
Carebook had previously raised private placement financing in the amount of $21 million in connection with the transaction, led by Canaccord Genuity.
The board of directors of the Resulting Issuer consists of five directors: Dr. Sheldon Elman (Executive Chairman and Director), Josh Blair (Vice Chairman and Director), Stuart M. Elman (Director), Anne-Marie Bouchard (Director) and perhaps most notably, former Quebec Premier Dr. Philippe Couillard (Director).