As expected Carebook (TSX:CBRK), the newest publicly listed virtual health company, began trading on the TSX Venture yesterday. As discussed last week in our report on the company, we were left un-impressed with the company's IPO listing details.
We recommend reading the report for more in depth insights, but overall we felt that the company didn't provide value, had lower growth prospects and a higher risk profile when compared to stocks such as WELL and DOC. In short, it was one we felt investors did not have to chase.
Yesterday, the stock traded down 21% after the stock cratered on the day of open. It is one that we are likely to keep an eye on, but for now we are watching from the sidelines.
Carebook Technologies Inc. Announces Commencement of Trading on The TSX Venture Exchange
MONTREAL, Oct. 5, 2020 /CNW/ - Carebook Technologies Inc. ("Carebook" or the "Company"), a leading Canadian digital health company, announced today that effective at the opening of markets on Tuesday, October 6, 2020, the common shares of Carebook will commence trading on the TSX Venture Exchange (the "TSX-V") under the symbol "CRBK".
Prior to and in connection with the listing of Carebook's common shares on the TSX-V, the Company's Listing Application dated September 28, 2020 has been filed with and accepted by the TSX-V and filed on SEDAR under the Company's profile. Prior to and in connection with the listing of Carebook's common shares on the TSX-V, the Company completed financings to raise gross proceeds of C$21,000,000.
Carebook will commemorate the listing of its common shares on the TSX-V by ringing the opening bell of the Toronto Stock Exchange on Friday, October 9, 2020. The Company's senior management team will be joined at the online event by other members of the Carebook team, certain members of its Board of Directors, and other professional colleagues who have supported Carebook's rapid growth in the digital health space.
Interested parties can view the event on October 9, 2020 at: www.tsx.com/news/market-opens
"We believe our public listing will raise our profile with new prospective investors who will now have the opportunity to better understand Carebook and our aspirations to transform the global health industry with our powerful digital platform," said Pascale Audette, Chief Executive Officer of Carebook. "The global digital health market is estimated to reach US$500 billion1 by 2025, and our goal within that macro-market environment is to continue leading the way to provide accessible, connected health for companies and individuals."
The Company also announced today that it launched a new investor relations section as part of its corporate website.
Investors and prospective investors can access investor-related information, including the Company's corporate presentation, through the following link:
(1) Source: https://www.grandviewresearch.com/press-release/global-digital-health-market
Built on a powerful health platform, Carebook creates highly engaging, customer-centric digital products for pharmacies, insurance providers, governments, businesses, and more. Based in Montreal, and run by a senior management team and Board with significant health and digital experience, Carebook's core is science and technology, its philosophy is people-first, and its goal is accessible, connected health for everyone. Additional information can be found at www.carebook.com
FORWARD LOOKING STATEMENTS
Certain statements included in this press release regarding Carebook's current and future plans, expectations and intentions, or any other future events or developments that are not historical facts constitute forward-looking statements, including statements regarding the potential enhancement of Carebook's profile with prospective investors resulting from its listing on the TSX-V and the estimated size of the global digital health market. Forward-looking statements are typically identified by the use of terminology such as "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these terms or such variations thereon or comparable terminology. Forward-looking statements are based on estimates and assumptions made by Carebook's management in light of such management's respective experience and perception of historical trends, current conditions and expected future developments, as well as factors management believes appropriate. Accordingly, undue reliance should not be placed on such forward-looking statements.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE Carebook Technologies Inc.
For further information: Carebook Investor Relations Contact: Adam Peeler, Loderock Advisors, Email: firstname.lastname@example.org, Telephone: (416) 427-1235; Carebook Media Contact: Valérie Lavoie, Massy Forget Langlois Public Relations, Telephone: (438) 885-9135