The Clap Speed Medical (SPMD) board of directors decided not to go through with the acquisition of Prime Speed Healthcare.
Who is affected🤷 SPMD cited several reasons for this decision.
These reasons include:
Failure to achieve sales target set for Japanese-made products
Increased competition for PCR tests
Incompatibility of strategies among both companies’ boards
A solid financial position for SPMD that does not require the additional liquidity the acquisition would provide
Prime Speed’s drive-thru-based business model may not be needed once COVID-19 is over with
Why is this important🤔 Trading on SPMD was suspended on Wednesday until SPMD responded to the FRA’s inquiries regarding the acquisition deal of Prime Speed The company said in a statement to the EGX that the board is satisfied with the current ownership share of 30% of Prime Speed.