Shares of Great Elm Group (GEG) spiked almost 100% to $3.99 in after-hours trading on Tuesday after announcing the sale of its durable medical equipment business for $80M. The company said Tuesday that it closed on the sale of its majority interest in Great Elm Healthcare to Quipt Home Medical (QUIP). "The successful sale of our DME business and the recently announced Forest transaction are transformative for Great Elm. When combined, the two transactions are expected to increase holding company cash by over $70 million. This allows Great Elm to dedicate more resources to scaling its Investment Management business, utilizing the expertise and relationships of our board and management team," said Jason Reese, Executive Chairman of GEG. "We continue to evaluate various strategies which could include investments in our existing funds or the acquisition of the management rights of new, long-duration capital vehicles. Additionally, the sale simplifies our reporting and organizational structure."
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