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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Select Medical Holdings Corporation | NYSE:SEM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.49 | 1.48% | 33.51 | 33.61 | 33.01 | 33.01 | 447,517 | 23:10:47 |
MECHANICSBURG, Pa., July 15, 2024 /PRNewswire/ -- Select Medical Holdings Corporation ("Select Medical") (NYSE: SEM) today announced that Concentra Group Holdings Parent, Inc. ("Concentra"), a wholly owned subsidiary of Select Medical, has launched a roadshow for the initial public offering ("IPO") of 22,500,000 shares of its common stock. Concentra expects to grant the underwriters a 30-day option to purchase up to an additional 3,375,000 shares of its common stock to cover over-allotments, if any. The IPO price is currently expected to be between $23.00 and $26.00 per share. Concentra has been approved to list its common stock on the New York Stock Exchange under the symbol "CON." The IPO is subject to market and other conditions, and there can be no assurance as to whether or when the IPO may be completed, or as to the actual size or terms of the IPO.
After the completion of the IPO, Select Medical will own 104,093,503 shares of Concentra's common stock, representing 82.23% of the total outstanding shares of Concentra's common stock (or 80.09% if the underwriters exercise in full their over-allotment option).
J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers for the IPO. Deutsche Bank Securities, Wells Fargo Securities, Mizuho, RBC Capital Markets and Truist Securities are acting as joint book-running managers for the IPO. Capital One Securities, Fifth Third Securities and PNC Capital Markets LLC are acting as co-managers for the IPO.
A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The IPO will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the IPO may be obtained from: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by email at prospectus-eq_fi@jpmchase.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, or email: prospectus-ny@ny.email.gs.com; and BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, email: dg.prospectus_requests@bofa.com.
This press release is neither an offer to sell nor a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
Select Medical Overview
Select Medical is one of the largest operators of critical illness recovery hospitals, rehabilitation hospitals, outpatient rehabilitation clinics, and occupational health centers in the United States based on number of facilities. Select Medical's reportable segments include the critical illness recovery hospital segment, the rehabilitation hospital segment, the outpatient rehabilitation segment, and the Concentra segment. As of June 30, 2024, Select Medical operated 107 critical illness recovery hospitals in 29 states, 33 rehabilitation hospitals in 13 states, 1,925 outpatient rehabilitation clinics in 39 states and the District of Columbia, and 547 occupational health centers in 41 states. At June 30, 2024, Select Medical had operations in 46 states and the District of Columbia.
Forward-Looking Statements
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements use words such as "expect," "estimate," "anticipate," "outlook," "intend," "plan," "confident," "believe," "will," "should," "would," "potential," "positioning," "proposed," "planned," "objective," "likely," "could," "may," and words of similar meaning, as well as other words or expressions referencing future events, conditions or circumstances. Among other things, statements regarding the timing and details of the IPO, the number of shares to be offered in the IPO, the expected price at which such shares will be offered, the grant of the over-allotment option and whether the underwriters will exercise such option, the number of shares to be held by Select Medical Corporation following the IPO and the expectations relating to the listing of Concentra's common stock on the New York Stock Exchange are examples of forward-looking statements. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors including the following: the frequency of work-related injuries and illnesses; the adverse changes to our relationships with employer customers, third-party payors, workers' compensation provider networks or employer services networks; changes to regulations, new interpretations of existing regulations, or violations of regulations; cost containment initiatives or state fee schedule changes undertaken by state workers' compensation boards or commissions and other third-party payors; our ability to realize reimbursement increases at rates sufficient to keep pace with the inflation of our costs; labor shortages, increased employee turnover or costs, and union activity could significantly increase our operating costs; our ability to compete effectively with other occupational health centers, onsite health clinics at employer worksites, and healthcare providers; a security breach of our, or our third-party vendors', information technology systems which may cause a violation of HIPAA and subject us to potential legal and reputational harm; negative publicity which can result in increased governmental and regulatory scrutiny and possibly adverse regulatory changes; significant legal actions could subject us to substantial uninsured liabilities; litigation and other legal and regulatory proceedings in the course of our business that could adversely affect our business and financial statements; insurance coverage may not be sufficient to cover losses we may incur; acquisitions may use significant resources, may be unsuccessful, and could expose us to unforeseen liabilities; our exposure to additional risk due to our reliance on third parties in many aspects of our business; compliance with applicable laws regarding the corporate practice of medicine and therapy and fee- splitting; our facilities are subject to extensive federal and state laws and regulations relating to the privacy of individually identifiable information; compliance with applicable data interoperability and information blocking rules; facility licensure requirements in some states are costly and time-consuming, limiting or delaying our operations; our ability to adequately protect and enforce our intellectual property and other proprietary rights; adverse economic conditions in the U.S. or globally; any negative impact on the global economy and capital markets resulting from other geopolitical tensions; the impact of impairment of our goodwill and other intangible assets; our ability to maintain satisfactory credit ratings; failure to complete or achieve some or all the expected benefits of the potential separation of Concentra; the negative impact of public threats such as a global pandemic or widespread outbreak of an infectious disease similar to the COVID-19 pandemic; the loss of key members of our management team; our ability to attract and retain talented, highly skilled employees and a diverse workforce, and on the succession of our senior management; climate change, or legal, regulatory or market measures to address climate change; increasing scrutiny and rapidly evolving expectations from stakeholders regarding ESG matters; the effect of closing procedures and final review with respect to our estimated preliminary results; and changes in tax laws or exposures to additional tax liabilities. A further list and descriptions of these risks, uncertainties and other factors can be found in Select Medical's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, including in the section captioned "Cautionary Note Regarding Forward-Looking Statements", and in Select Medical's subsequent filings with the U.S. Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov or on request from Select Medical. Any forward-looking statement made in this press release speaks only as of the date of this press release. Select Medical does not undertake to update any forward-looking statement as a result of new information or future events or developments.
Investor inquiries:
Joel T. Veit
Senior Vice President and Treasurer
717-972-1100
ir@selectmedical.com
View original content:https://www.prnewswire.com/news-releases/select-medical-holdings-corporation-announces-launch-of-concentra-group-holdings-parent-inc-ipo-roadshow-302196760.html
SOURCE - Select Medical Holdings Corporation
Copyright 2024 PR Newswire
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