HLIX Stock: Explanation Of 232.82% Increase

By Amit Chowdhry ● October 20, 2020
  • The stock price of Helix Technologies, Inc. (OTCQB: HLIX) increased from $0.098 per share to $0.33 per share on Monday. This why that happened.

The stock price of Helix Technologies, Inc. (OTCQB: HLIX) increased from $0.098 per share to $0.33 per share on Monday. This why that happened.

Helix Technologies and Medical Outcomes Research Analytics announced that they will be combining — which will create an innovative healthcare information, analytics, and technology organization. The combination is going to be accomplished by both companies becoming wholly owned subsidiaries of a newly formed company called Forian Inc.

Upon the completion of the all-stock transaction, MOR Analytics members will own approximately 72% and Helix shareholders will own approximately 28% of the combined company on a fully diluted basis. And Helix shareholders will receive .027 shares of Forian common stock for each share of Helix common stock. The Forian shares received by the Helix shareholders and MOR Analytics members in the merger are expected to be treated as a tax-free exchange for federal income tax purposes. At the time of the combination, it is expected that Forian will have in excess of $10 million in cash available. Forian is not going to incur any new debt to affect the combination.

MOR Analytics was founded by WebMD alumni Adam Dublin and Max Wygod. And its early financings were led by healthcare entrepreneur Marty Wygod. Over the last 4 decades, Marty Wygod delivered some of the most innovative and successful publicly-traded healthcare companies (Medco, Emdeon, and WebMD, among others) addressing the needs of patients, physicians, and life science companies while utilizing technology and data to reduce the cost of healthcare for millions across the globe.

The combined company expects to maintain its headquarters in Newtown, PA, with offices in Fort Lauderdale, FL and Denver, CO. Dan Barton, Chief Executive Officer of MOR Analytics, is going to become Chief Executive Officer of the combined organization. Max Wygod, co-founder of MOR Analytics, is going to become Executive Chairman of the Board. Adam Dublin, co-founder of MOR Analytics, is going to become Chief Strategy Officer and Director. Zachary Venegas, Executive Chairman and Chief Executive Officer of Helix, and Scott Ogur, Chief Financial Officer of Helix, will continue to lead Helix along with MOR executives. And Forian’s Board of Directors will initially be comprised of a total of 11 directors, including Marty Wygod, Max Wygod, Adam Dublin, Dan Barton of MOR Analytics, Scott Ogur of Helix, and six new independent directors.

KEY QUOTES:

“We are thrilled to add Helix’s unique technology and information assets to our innovative de-identified patient health data and analytics platform. We have created the nation’s only HIPAA compliant, Real World Evidence platform integrating cannabis and de-identified healthcare data designed to support SaaS based business performance analytics, product safety and efficacy surveillance solutions, and evidence-based health outcomes research. Our U.S.-based healthcare and cannabis clients can leverage data-driven insights to achieve improved patient health outcomes and business performance. We are excited to welcome the Helix platform and recognize the top-tier results produced by Zachary and his team over the last several years.”

— MOR Analytics Chief Executive Officer Dan Barton

“As Helix has grown into one of the leading global providers of software used in the cannabis industry, we have prioritized value-added solutions, innovation, and outstanding execution at every opportunity. With today’s important announcement, this commitment is being taken to the next level. Joining with MOR adds a completely new and critical dimension to Helix’s capabilities that will further advance the commercial success of customers using our BioTrack and Cannalytics technology suites.”

— Helix CEO Zachary Venegas