Quantum Medical Transport Inc. said it plans to repurchase about 20% of its outstanding common shares.
The company said it will only repurchase the shares from the general public, or float shares, inherited through its 2017 merger with United Ambulance LLC. Quantum Medical Transport said the current share structure "depresses the real value of the company."
Sugar Land, Texas-based Quantum Medical Transport provides emergency and non-emergency medical services transportation.
It plans to use $2 million from a private placement to repurchase its stock. The company also noted that it had been approached by institutional investors who were interested in funneling anywhere between $5 million to $15 million in the business.
