Carolina Complete Health Network Announces Private Placement

Carolina Complete Health Network, Inc. (CCHN), a subsidiary of the North Carolina Medical Society (NCMS) formed to build and support a patient-focused, physician-led Medicaid health network, announced this week that in the first quarter of 2018 it raised approximately $1.1 million in a private placement transaction with the North Carolina Community Health Centers Association (NCCHCA) and certain Community Health Centers (CHCs) throughout North Carolina.

The NCCHCA has served as an integral collaborator with CCHN, and will continue to inform and guide CCHN’s efforts in creating a health care option for Medicaid beneficiaries in North Carolina.

Community Health Centers are key providers of primary care services to Medicaid beneficiaries, and with its investment, the Centers can actively support CCHN as it pursues this unique opportunity to help lead the Medicaid reform process in North Carolina.

Under the private placement, CCHN agreed to issue in aggregate to both NCCHCA and Community Health Centers statewide, 1,505 shares of Class P Common Stock at a price per share of $750. CCHN expects to use 55 percent of the private placement proceeds for general working capital purposes and the remaining 45 percent of the proceeds to help fund its portion of the initial capitalization to the joint venture company with Centene Corporation, a diversified, multi-national health care enterprise, to create Carolina Complete Health, a health plan with a patient-focused approach to Medicaid under the reform plan enacted in North Carolina.

The Class P Common Stock sold in the private placement has not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

 
 

Share this Post