Oscar Health, Inc. Announces that Mark Bertolini’s Foundation and Deerfield Management have Entered into an Agreement with a Selling Shareholder to Purchase Shares of Oscar Health
20 November 2023 - 12:00PM
Business Wire
Oscar Health, Inc. (“Oscar”) (NYSE: OSCR), a leading healthcare
technology company, today announced that an affiliate of Deerfield
Management Company, L.P. (“Deerfield”) and the Anahata Foundation
(“Anahata”), a charitable foundation established by Mark T.
Bertolini, Oscar’s Chief Executive Officer, each entered into a
Stock Purchase Agreement for the purchase in private placement of
shares of Oscar’s Class A common stock (“Common Stock”) from a
single selling shareholder. Deerfield will purchase an aggregate of
3,000,000 shares of Common Stock and Anahata will purchase an
aggregate of 2,000,000 shares of Common Stock. The closing of each
private placement is expected to occur on or about November 22,
2023, subject to the satisfaction of customary closing conditions.
Oscar is not a party to either of the Stock Purchase
Agreements.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical fact
contained herein are forward-looking statements. These statements
include, but are not limited to, statements about the private
placements, including the expected closing date. In some cases, you
can identify forward-looking statements by terms such as “may,”
“will,” “should,” “expects,” “plans,” “anticipates,” “could,”
“intends,” “targets,” “projects,” “contemplates,” “believes,”
“estimates,” “predicts,” “potential,” or “continue” or the negative
of these terms or other similar expressions. Accordingly, we
caution you that any such forward-looking statements are not
guarantees of future performance and are subject to risks,
assumptions, and uncertainties that are difficult to predict and
generally beyond our control.
Although we believe that the expectations reflected in these
forward-looking statements are reasonable as of the date made,
there are or will be important factors that could cause our actual
results to differ materially from those indicated in these
forward-looking statements, including, but not limited to, the
following: our ability to execute our strategy and manage our
growth effectively; our ability to retain and expand our member
base; heightened competition in the markets in which we
participate; our ability to accurately estimate our incurred
medical expenses or effectively manage our medical costs or related
administrative costs; our ability to achieve or maintain
profitability in the future; changes in federal or state laws or
regulations, including changes with respect to the Patient
Protection and Affordable Care Act and the Health Care and
Education Reconciliation Act of 2010, as amended, and any
regulations enacted thereunder; our ability to comply with ongoing
regulatory requirements, including capital reserve and surplus
requirements and applicable performance standards; changes or
developments in the health insurance markets in the United States,
including passage and implementation of a law to create a
single-payer or government-run health insurance program; our
ability to comply with applicable privacy, security, and data laws,
regulations, and standards, including as a result of our
participation in government-sponsored programs, such as Medicare;
our ability to arrange for the delivery of quality care and
maintain good relations with the physicians, hospitals, and other
providers within and outside our provider networks; unanticipated
results of risk adjustment programs; our ability to utilize quota
share reinsurance to reduce our capital and surplus requirements
and protect against downside risk on medical claims; unfavorable or
otherwise costly outcomes of lawsuits and claims that arise from
the extensive laws and regulations to which we are subject; our
ability to attract and retain qualified personnel; incurrence of
cyber-security breaches of our and our partners’ information and
technology systems; our ability to remediate a material weakness in
our internal controls over financial reporting and the
identification of additional material weaknesses in the future or
other failure to maintain an effective system of internal controls;
adverse publicity or other adverse consequences related to our dual
class structure or “controlled company” status; and the other
factors set forth under the caption “Risk Factors” in our Quarterly
Report on Form 10-Q for the quarterly period ended September 30,
2023, filed with the SEC, and our other filings with the SEC.
You are cautioned not to place undue reliance on any
forward-looking statements made in this press release. Any
forward-looking statement speaks only as of the date as of which it
is made, and, except as otherwise required by law, we do not
undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise. New factors emerge from time to
time, and it is not possible for us to predict which will
arise.
About Oscar Health
Oscar Health, Inc. (“Oscar”) is the first health insurance
company built around a full stack technology platform and a
relentless focus on serving its members. At Oscar, our mission is
to make a healthier life accessible and affordable for all.
Headquartered in New York City, Oscar has been challenging the
health care system's status quo since our founding in 2012. The
company’s member-first philosophy and innovative approach to care
has earned us the trust of nearly one million members, as of
September 30, 2023. We offer Individual & Family, Small Group
and Medicare Advantage plans, and +Oscar, our full stack technology
platform, to others within the provider and payor space. Our vision
is to refactor health care to make good care cost less. Refactor is
a term used in software engineering that means to improve the
design, structure, and implementation of the software, while
preserving its functionality. At Oscar, we take this definition a
step further. We improve our members’ experience by building trust
through deep engagement, personalized guidance, and rapid
iteration.
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Investors: Chris Potochar VP of Investor Relations
ir@hioscar.com
Media: Kristen Prestano VP of Communications
press@hioscar.com
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