Reston telemedicine company goes public

SOC Telemed began trading Nov. 2 on Nasdaq

Published November 3, 2020 by Sydney Lake

Reston-based telemedicine technology provider SOC Telemed on Monday opened at $10 per share on the Nasdaq stock exchange. The company announced its public offering on Friday following its merger with Healthcare Merger Corp. (HCMC), a special purpose acquisition company.

Merger transaction details were not disclosed.

“Today marks an important milestone for SOC Telemed in our pursuit of delivering rapid access to virtual specialty care when patients are at their most vulnerable,” SOC Telemed CEO John Kalix said in a statement. “Virtual care is a critical component of today’s health care industry and SOC Telemed is well-positioned to accelerate its penetration of the broad and fast-growing acute telemedicine market. I am confident in our ability to expand and benefit from the trends that are driving rapid adoption of telemedicine.”

Stockholders approved the merger at a special meeting on Oct. 30. SOC Telemed trades as TLMD on the Nasdaq. The company is led by CEO John Kalix and Chief Operating Officer and Chief Financial Officer Hai Tran. Steve Shulman, HCMC’s former CEO, will serve as chairman of the SOC Telemed Board of Directors.

“Today marks a tremendous opportunity for the SOC Telemed team and the future of virtual care,” Paul Ricci, who served as interim CEO prior to the merger, said in a statement. “With its solid technology platform, an enhanced leadership team and now rapid access to capital, SOC Telemed is ready to serve the continued demand for acute telemedicine.”

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