Patient Home Monitoring Corp. said it completed its plan of arrangement to spin out unit Viemed Healthcare Inc.
Prior to completion of the arrangement, Patient Home Monitoring transferred to Viemed all of its interests in Sleep Management LLC and Home Sleep Delivered LLC. The companies are engaged in the provision of equipment and home therapy to patients affected by specific respiratory diseases.
As a result of the arrangement, Patient Home shareholders received 1 new Patient Home Monitoring common share and one-tenth of 1 Viemed common share of for each common share held by Patient Home shareholders before the arrangement's completion.
For every Patient Home stock option held, each option holder will receive 1 option to purchase 1 new Patient Home share and will receive 1 new Patient Home option and one-tenth of 1 option to purchase 1 Viemed share.
For every Patient Home common share purchase warrant held, each warrant holder will receive 1 warrant to purchase 1 new Patient Home share and one-tenth of 1 warrant to purchase 1 Viemed share.
Upon completion of the arrangement and at the time of listing, Patient Home has a total of 379,096,396 common shares, 26,005,058 common share purchase warrants, and 17,906,179 stock options outstanding.
The new Patient Home shares will commence trading on the TSX Venture Exchange on Dec. 22, under the ticker PHM, and Patient Home's outstanding 7.5% nonconvertible unsecured subordinated debentures maturing Dec. 31, 2019, will continue to trade under the symbol PHM.DB.