On August 31, 2026, Selectis Health, Inc. announced the successful completion of a tender offer to acquire all outstanding shares of the company. Black Pearl Equities II, LLC, acting through its subsidiary Tortuga Acquisition Sub, Inc., purchased 2,789,027 shares for $5.75 per share. This represented approximately 90.93% of the outstanding shares, satisfying the Minimum Tender Condition.
The transaction is being funded through a new credit agreement. On August 31, 2026, Purchaser and Merger Sub entered into a Credit Agreement with Milrose Capital, LLC and SCG Experts Corp. The lenders provided term loans totaling $18,226,250.00. The funds are being used to pay the aggregate Offer Price and Merger Consideration, as well as related transaction fees and expenses.
The credit facility consists of two term loans: a $10,024,437.50 loan from Milrose and an $8,201,812.50 loan from SCG Experts Corp. The loans bear interest at a fixed rate of 5.0% per annum and mature on August 28, 2031. Beginning September 1, 2027, principal and interest are payable in monthly installments of $230,855.71 and $188,881.95, respectively. The agreement includes customary covenants and security interests in the Borrowers' assets.
Following the completion of the merger, Selectis will become an indirect wholly owned subsidiary of Black Pearl Equities, LLC. The company intends to terminate its registration of shares under the Securities Exchange Act and suspend its reporting obligations. Concurrent with the merger, Lance J. Baller resigned from the Board of Directors, and Abraham Schwartz and Zalman Schapiro were appointed as new directors by Parent.
