Greenbrook TMS Inc., a provider of specialized health services, has entered into an acquisition agreement with Neuronetics (NASDAQ:STIM) Inc., according to a recent regulatory filing. The transaction involves Neuronetics acquiring all issued and outstanding common shares of Greenbrook TMS.
Today, Greenbrook TMS disclosed the filing of a joint proxy statement with the Securities and Exchange Commission (SEC), which details the proposed acquisition. The statement is prepared in accordance with Canadian corporate and securities law requirements, as Greenbrook TMS no longer has securities registered under Section 12(b) of the Exchange Act and is not subject to U.S. proxy rules.
The acquisition is subject to approval by shareholders of both companies, with special meetings scheduled to discuss and vote on the matter. The joint proxy statement provides information about the proposed transaction and is included as Exhibit 99.1 in the filing.
This move comes as Greenbrook TMS continues to file periodic reports with the SEC under Section 15(d) of the Exchange Act, despite not having securities registered under Section 12(b). The information released today, including the joint proxy statement, is not considered "filed" for the purposes of Section 18 of the Exchange Act and should not be deemed as incorporated by reference into any future filings under the Securities Act of 1933 or the Exchange Act.
The joint proxy statement is available to both Greenbrook TMS and Neuronetics shareholders and provides essential information regarding the acquisition. The statement's availability is intended to ensure that shareholders are fully informed when making their voting decisions.
The completion of the acquisition is contingent upon the satisfaction of customary closing conditions, including regulatory approvals and the approval of the shareholders of both companies. The acquisition is expected to close following the approval of the shareholders at the upcoming special meetings. This strategic move could potentially reshape Greenbrook TMS's operations and market position within the health services sector.
The information provided in this article is based on the press release statement from Greenbrook TMS Inc. and does not include any speculative content.
In other recent news, Celestica (NYSE:CLS)'s earnings and revenue results have surpassed consensus estimates, leading to an upward revision of its 2024 outlook. The company anticipates a nearly 50% increase in non-IFRS EPS to $3.62 and a revenue jump of almost 20% to $9.5 billion compared to the previous year.
Stifel analysts have upgraded Celestica's stock from Hold to Buy, maintaining a price target of $58.00 despite concerns over a potential slowdown in AI investments. Stifel's analysts also believe that Celestica's 2025 earnings per share (EPS) estimate of $4.00 is still achievable.
In addition to this, Celestica recently expanded its senior secured credit agreement to $1.5 billion to support its growth initiatives. Other analyst firms such as Argus, RBC Capital, and CIBC have also responded to these developments by adjusting their price targets for Celestica. However, a CIBC analyst downgraded Celestica to Neutral due to potential slower growth in the Enterprise segment.
These are recent developments that provide investors with insights into Celestica's financial performance and analyst perspectives.
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