Selectis Health announced that it has entered into a definitive merger agreement to be acquired by affiliates of Black Pearl Equities.
Under the terms of the agreement, Black Pearl will acquire all outstanding shares of Selectis common stock for $5.75 per share in cash.
Selectis is a healthcare company trading on the OTCQB under the ticker symbol GBCS.
Black Pearl Equities is a New York-based investment group.
Black Pearl will commence a cash tender offer to purchase all outstanding shares of Selectis common stock at $5.75 per share in cash, without interest and subject to applicable withholding taxes.
The offer is expected to begin within 10 business days of the announcement.
Following completion of the tender offer and satisfaction of customary conditions, Black Pearl’s merger subsidiary will merge with and into Selectis.
Selectis will continue as the surviving corporation and become a wholly owned subsidiary of Black Pearl.
The merger is expected to be completed as a short-form merger under the Utah Revised Business Corporation Act without a stockholder vote as soon as practicable following completion of the offer.
The transaction is expected to close in the third quarter of 2026.
The closing is subject to customary conditions, including the valid tender of at least 70% of Selectis’ outstanding common shares, required regulatory approvals, and other closing conditions.
The transaction is not subject to any financing contingencies.
Selectis’ Board of Directors unanimously approved the merger agreement and determined that the offer and merger are fair to and in the best interests of the company and its stockholders.
Pearson Butler is serving as legal counsel to Selectis.
Olshan Frome Wolosky is serving as legal counsel to Black Pearl.
KEY QUOTES:
“This transaction delivers immediate, certain cash value to our stockholders at a meaningful premium, and reflects the dedication of our team and the strength of our portfolio. We believe partnering with Black Pearl positions Selectis for its next chapter of growth while ensuring continuity of the high-quality care our residents depend on.”
Krystal Echart, Interim CEO and CFO of Selectis
“From the outset, our approach to Selectis has been guided by a genuine regard for the company, its people, and its work. We are grateful to the Selectis Board for its collaboration in reaching this agreement and look forward to completing the transaction.”
Abraham Schwartz, CEO and President of Black Pearl
