SKYLIGHT HEALTH GROUP INC - SLHGF STOCK NEWS

Skylight Health Group completes Enforcement and Settlement Transactions with secured lenders, leading to the wind down of remaining US operations. The company owed over US $11 million and US $4 million to its lenders. No executable transactions were available to continue operations. Foreclosure on indirect equity interest in NeighborMD Partners of Florida, LLC and assignment of receivables to Walleye were part of the transactions. The company will dissolve its remaining US subsidiaries.

Skylight Health Group Inc. announces potential cease trade order due to delay in filing annual financial statements. The company's ability to continue as a going concern is dependent on generating positive cash flows and additional financing. Grace Mellis resigns from the Board of Directors.

Skylight Health Group (TSXV:SLHG; OTCQX:SLHGF) announced the resignation of Patrick McNamee from its Board of Directors, effective March 31, 2023. McNamee, who served as Chairman since March 2021, is leaving to pursue other opportunities. The company expressed gratitude for his two years of contributions. Skylight Health focuses on transforming healthcare delivery, shifting from a fee-for-service model to value-based care, thereby improving patient health outcomes and financial performance through advanced technology and data analytics.

Skylight Health Group Inc. (OTCQX:SLHGF) announced on March 16, 2023, that it has suspended the payment of dividends on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares, originally scheduled for March 20, 2023. This decision aims to preserve capital and maintain flexibility during challenging global capital market conditions. The Board of Directors will evaluate the possibility of resuming the dividend in the future. The company focuses on transitioning patient care in the U.S. to a value-based model, seeking improved health outcomes and financial performance.

Skylight Health Group (TSXV:SLHG; OTCQX:SLHGF) has announced the closure of Rocky Mountain Health Care clinics in Colorado as part of a strategic move to cut costs and preserve cash. CEO Prad Sekar stated the necessity to eliminate loss-making operations to focus on their core business in Florida. The company aims to enhance positive cash flow and reduce liabilities to navigate challenging capital market conditions. Skylight Health operates a multi-state primary care network, aiming to shift from traditional fee-for-service to value-based care, which emphasizes quality and patient outcomes.

Skylight Health Group (TSXV:SLHG; OTCQX:SLHGF) has announced significant business updates geared towards enhancing value-based care in the U.S. for 2023. The company is participating in the ACO Reach program, allowing transition to a capitated full-risk model with improved funding for member care. Membership has grown to 3,736, and Skylight anticipates organic growth through new plans and improved patient care. Additionally, it has initiated the rollout of the Athena electronic health record system to streamline operations and enhance revenue. Notably, adjusted EBITDA showed a 68% improvement in Q3 2022, with expectations of continued financial growth despite market challenges.

Skylight Health Group (TSXV:SLHG; OTCQX:SLHGF) announced a dividend of $0.1927 per share on its 9.25% Series A Preferred Shares, payable on February 20, 2023, to shareholders on record by January 31, 2023. The company clarified the closure of a $5 million convertible debenture financing with a 5-year maturity, which will support its path to profitability. Additionally, $35,590 in interest for Q4 2022 will be paid through the issuance of 171,105 common shares. To cut costs, Skylight has transitioned to a virtual office model. Further updates from management are expected soon.

Skylight Health Group (OTCQX: SLHGF) has closed the final tranche of a US$5 million financing through convertible debentures, raising US$1,628,000. Each debenture, valued at C$1,000, is convertible into 1,111 common shares at C$0.90. The associated warrants allow for the purchase of shares at C$0.64. The financing is aimed at supporting the company's transition towards value-based care in the US healthcare market. Northland Capital Markets acted as the placement agent, receiving a 7% cash finder’s fee.

Skylight Health Group has declared a dividend of $0.1927 per share on its 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares, payable on January 20, 2023. The record date for this dividend is December 30, 2022. Additionally, the company announced a debt settlement plan involving the issuance of 626,286 common shares at a deemed price of $0.70 per share to settle $438,400 in debt.