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Quipt terminates ATM

Quipt terminates ATM

CINCINNATI - Quipt Home Medical has terminated its “at-the-market” (ATM) equity program, which it first announced in May. The company has not made use of this ATM and has elected to terminate it as a result of market conditions and to limit ‎uncertainty and unfavorable dilution for its shareholders during this period of global ‎market uncertainty.‎ “Given our robust balance sheet with modest leverage, strong operating cash flow generation and track record of careful capital deployment with a focus on enhancing long-term shareholder value, we opted to discontinue the ATM program to limit uncertainty and potential unfavorable dilution for our shareholders,” said Greg Crawford, CEO and chairman. “On the heels of our exceptional fiscal Q2 2023 financial results, the installation of the ATM was done to economically diversify our potential sources of capital to fund our long-term acquisition strategy focused on accretive acquisition opportunities. As we previously announced, the company had no current intention of making use of the ATM given the significant liquidity profile we have, and believed it was a prudent tool to have in place for the future if such a time arose where it made sense. Given the response from shareholders, and significant disconnect between our valuation and fundamentals of the business, as well as the fact that the company does not require the ATM for capital, we have come to the conclusion that the ATM program is not appropriate for the company and have made the decision to immediately terminate it.”

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