Vivos Therapeutics completes acquisition of SCN for $6M in cash, $1.5M in stock

Vivos Therapeutics (VVOS) announced the closing of its acquisition of the operating assets of The Sleep Center of Nevada, SCN, the largest operator of medical sleep centers in Nevada. The SCN transaction represents Vivos’ first major acquisition of a sleep testing center and associated medical sleep practice. It is expected to add higher margin revenue to Vivos’ operations from both sleep disorder diagnosis and consulting, and from expected sales of Vivos’ portfolio of patented, FDA-cleared OSA appliance treatments to SCN’s patients. At the closing, Vivos paid $6 million in cash and $1.5 million in Vivos common stock to SCN. An additional $1.5 million in Vivos common stock may be earned in the future if SCN achieves an agreed to financial milestone. Vivos financed the cash closing payment to SCN by obtaining a senior, non-convertible, secured term loan from Streeterville Capital LLC in the principal amount of $8,225,000