Vivos Therapeutics, Inc. (VVOS, Financial) has signed a definitive agreement to purchase the operational assets of The Sleep Center of Nevada (SCN), the largest network of medical sleep centers in Nevada. The acquisition is valued at up to $9 million.
Under the terms of the agreement, Vivos will pay $6 million in cash and $1.5 million in Vivos common stock at the time of closing. Additionally, SCN may receive an extra $1.5 million in Vivos common stock if it meets specified financial performance criteria in the future.
To finance the initial cash payment, Vivos plans to utilize a senior debt facility and may seek additional funding through equity financing.
