Corporate News Blog - Evolent Health Announces Pricing of Public Offering of Class A Common Stock
Research Desk Line-up: Cotiviti Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 11, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Evolent Health, Inc. (NYSE: EVH), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=EVH. The Company, which is a provider of an integrated value-based care platform to the US's leading health systems and physician organizations, announced on August 08, 2017, the pricing of a public offering of 8,816,120 shares of its ‘Class A' common stock at a public offering price of $19.85 per share. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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A 30-day Option to Underwriters
Underwriters have been granted a 30-day option to purchase up to 1,322,418 additional shares of Evolent Health's ‘Class A' common stock. The offer is projected to close on August 14, 2017, subject to the satisfaction of customary closing conditions.
Underwriters and Other Agents for the Offer
For the transaction, J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are acting as joint book-running managers and the representatives of the underwriters for the offering. On the other hand, Wells Fargo Securities, LLC, William Blair & Company L.L.C., and SunTrust Robinson Humphrey Inc. are acting as lead managers. Leerink Partners LLC and Robert W. Baird & Co. Incorporated are serving as co-managers.
Proceeds to be used for Working Capital as well as Investments
Evolent Health is expected to receive net proceeds of approximately $166.8 from the offer. This constitutes the net amount after estimated underwriting discounts, commissions, and offering expenses payable by the Company.
Evolent Health plans to transfer the net proceeds from this offer to Evolent Health LLC, i.e. the subsidiary through which its conducts its operations.
Evolent Health LLC aims to use the proceeds as working capital and other general corporate purposes such as business expansion through acquisitions and investments.
Evolent Announces Q2 2017
Evolent Health reported its second quarter 2017 earnings on August 08, 2017. The Company reported higher revenue but bigger losses for the quarter ending June 30, 2017. It achieved revenue of $107.1 million for the quarter, up 89% over the same quarter in 2016. However, its loss increased from $8.4 million in the previous quarter to $16.9 million in the reported quarter.
The Company also announced that it is looking to raise funds up to $201.25 million through a common stock offering. This is its fourth proposed common stock offering in this year. Previously, Evolent raised capital through stock offerings in June, May, and March.
About Evolent Health
Evolent Health partners with leading provider organizations to achieve outstanding clinical and financial results in value-based care. The Company has a provider heritage and over 20 years of health plan administration experience. It operates in around 30 US health care markets, actively managing care across Medicare, Medicaid, commercial, and self-funded adult and pediatric populations.
Last Close Stock Review
Evolent Health's share price finished yesterday's trading session at $17.65, sliding 2.75%. A total volume of 3.20 million shares have exchanged hands, which was higher than the 3-month average volume of 1.20 million shares. The Company's stock surged 19.26% since the start of the year. The stock currently has a market cap of $1.19 billion.
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