RADNET, Inc. (NASDAQ:RDNT) Files An 8-K Regulation FD Disclosure
ITEM 7.01
Impact of Actions Taken to Strengthen Financial Flexibility; Liquidity
On April 3, 2020, RadNet, Inc. issued a current report on Form 8-K to announce that, in response to the uncertainties resulting from the outbreak of the COVID-19 pandemic, it had taken aggressive cash conservation initiatives and had drawn down $115 million from its revolving credit facility with Barclay’s Bank as a precautionary measure to provide additional liquidity.
RadNet reports today that it has repaid in full the $115 million in drawdowns taken from its revolving credit facility with Barclays Bank as a result of: (i) the aggressive cost-savings and cash conservation initiatives taken by RadNet over the last month, (ii) funds provided to RadNet under the CARES Act and (iii) advances made to RadNet from Centers for Medicare & Medicaid Services (CMS). As of April 30, 2020, RadNet did not have any outstanding borrowings under its revolving credit facility and had cash and cash equivalents of approximately $50 million.
RadNet will host a conference call to discuss its first quarter 2020 financial results and financial position on Monday, May 11th, 2020 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time). Investors are invited to listen to RadNet’s conference call by dialing 888-204-4368. International callers can dial 786-789-4797. There will also be simultaneous and archived webcasts available at http://public.viavid.com/index.php?id=139286. An archived replay of the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international callers, and using the passcode .
DeepHealth, Inc. Transaction Update
On March 13, 2020, RadNet reported its entry into an agreement to acquire all of the outstanding equity interests of DeepHealth, Inc., a Delaware corporation. The anticipated closing date for the transaction, which remains subject to customary closing conditions, has been extended to June 1, 2020.
Cautionary Statement Concerning Forward-Looking Statements
This current report on Form 8-K contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are expressions of our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, and anticipated future conditions, events and trends. Forward-looking statements can generally be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements in this current report include, among others, statements we make regarding:
