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New Frontier Health Corporation (NFH) has completed its merger with Unicorn II Merger Sub Limited, effectively making NFH a wholly owned subsidiary of Unicorn II Parent Limited. This merger, initially agreed upon on August 4, 2021, allows NFH shareholders to receive US$12.00 per share in cash. Additionally, warrants will be exchanged for US$2.70 each, with a consent fee of US$0.30 for eligible warrants. Trading of NFH shares and warrants on the NYSE will be suspended as of January 26, 2022, followed by requests for delisting and deregistration with the SEC.
New Frontier Health Corporation (NYSE: NFH) received a notice from the NYSE regarding non-compliance with listing requirements due to delayed filing of its semi-annual financial report for the first half of 2021. The company has until June 30, 2022, to rectify this. Failure to do so could lead to suspension or delisting. New Frontier is focusing on a pending privatization transaction expected to conclude in Q1 2022, which would result in its shares being unlisted. The company operates United Family Healthcare, a private healthcare provider in China.
New Frontier Health Corporation (NFH) announced that its shareholders overwhelmingly approved the Merger Agreement with Unicorn II Holdings Limited at an extraordinary general meeting. Approximately 78.27% of total shares voted, with 99.85% in favor of the merger. However, objections from shareholders holding over 10% of shares pose a challenge, as this condition must be satisfied for the merger to proceed. If completed, NFH will become a privately held entity, and its shares will be delisted from the New York Stock Exchange.
New Frontier Health Corporation (NFH) announced an extraordinary general meeting (EGM) on January 7, 2022, to vote on a merger agreement with Unicorn II Holdings Limited. This merger would result in NFH becoming a privately held company, with its shares and warrants delisted from the NYSE. Shareholders as of December 6, 2021, can vote, while warrants holders can consent to a required amendment. The company's board unanimously supports the merger, emphasizing its potential impact on the future of NFH and its shareholders.
Vicarious Surgical and D8 Holdings Corp. have secured an additional
New Frontier Health Corporation (NFH) announced a definitive Merger Agreement with Unicorn II Holdings Limited, valuing the company at approximately US$1,582 million. Each NFH share will be exchanged for US$12.00 in cash, reflecting a 27.9% premium over NFH's closing price prior to the merger proposal. The merger, expected to close in Q4 2021, will result in NFH becoming a privately-held entity. Funding will come from a combination of cash contributions and debt financing. The Board has recommended that shareholders approve the merger.
New Frontier Health Corporation (NYSE: NFH) announced it received a notice from the NYSE regarding non-compliance with listing requirements due to the delayed filing of its Annual Report (Form 20-F) for FY 2020. The company missed the original due date and the extended due date as per Rule 12b-25. The delay is linked to the SEC's revised accounting treatment for warrants issued by SPACs, requiring extra time for audit completion. NFH is working diligently to file the Form 20-F within six months from April 30, 2021.
New Frontier Health (NFH) reported a 2.2% increase in Q4 2020 revenue, reaching RMB654 million, as patient volumes rebounded post-COVID-19. Net loss shrank to RMB101.4 million from RMB251.6 million YoY, thanks to lower transaction costs from a business combination and cost-saving measures. Adjusted EBITDA surged 252.1% YoY to RMB90.5 million. However, total annual revenue fell 7.7% to RMB2.26 billion, reflecting pandemic-related declines in patient procedures. Expansion assets showed strong growth, with a 30% increase in Q4 revenue.
New Frontier Health Corporation (NFH) will release its financial results for the fourth quarter and fiscal year ending December 31, 2020, before the U.S. market opens on April 8, 2021. The Company will host a conference call at 8:00 am ET on the same day to discuss these results. Interested participants can dial in from various locations including the U.S., China, and Hong Kong. A replay will be available until April 15, 2021, and a webcast will be accessible on the Company’s investor relations website.
NFH operates United Family Healthcare, a leading private healthcare provider in China.
New Frontier Health Corporation (NYSE: NFH) has established a special committee of independent directors to assess a non-binding going private proposal from a buyer group. The committee, chaired by Mr. Lawrence Chia, includes notable members like Dr. Edward Leong Che-hung and Professor Frederick Ma Si-hang. The firm has retained Duff & Phelps for financial advice and Davis Polk & Wardwell for legal counsel. The board cautions that no decisions have been made regarding the proposal, and there's no guarantee of a definitive offer or transaction.
