Carebook completes reverse takeover, readies for TSX Venture Exchange debut

Carebook

Montréal-based Carebook Technologies, which offers a digital pharmacy platform, has completed a reverse takeover of Pike Mountain Minerals and is set to list on the TSX Venture Exchange this week.

Carebook is set to list on the TSX Venture Exchange under the symbol CRBK this week.

Following the reverse takeover, Carebook is set to list on the TSX Venture Exchange under the symbol CRBK. Carebook received conditional approval to list its common shares on the TSX Venture Exchange on September 25. The startup is expected to begin trading “on or about” October 6.

Carebook Technologies raised a $21 million CAD private placement in order to fund the reverse takeover. That private placement was led by Canaccord Genuity.

Founded in 2012, Carebook offers what it calls an “all-in-one” digital pharmacy platform. The startup’s products help consumers book health assessments, screenings, and surveys, and also offers medication adherence services and a remote vital signs scan. The startup recently partnered with pharmacy chain Rexall to provide its free, patient-facing digital platform, Be Well, to Rexall shoppers across Canada.

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The reverse takover involved a “three-cornered amalgamation” of Carebook, Pike, and a wholly-owned subsidiary of Pike. A three-cornered amalgamation occurs when two companies amalgamate or merge and security holders of the merging entities receive securities from a third party affiliate of one of the merging entities. As part of the deal, Pike has changed its name to Carebook Technologies.

Under the terms of the deal, Pike consolidated its issued and outstanding common shares on the basis of one new Pike Common Share for every 13.187 existing Pike common shares.

Carebook is one of several Canadian tech startups offering solutions in the digital pharmacy space. PocketPills, which raised a $7.35 million Series A in February, says it has tracked increased interest and growth in its service during the COVID-19 pandemic. Virtual care startup Maple has also made moves in the pharmacy market of late, recently raising $75 million from retail pharmacy giant Shoppers Drug Mart after the companies partnered to offer virtual care during the pandemic.

Image source Carebook Technologies.

Isabelle Kirkwood

Isabelle Kirkwood

Writer, globetrotter, drone pilot & David Attenborough enthusiast