Brightspring Health Services nasdaq Btsg Shares Plunge on Nasdaq Premiere

BrightSpring Health Services (NASDAQ: BTSG) Shares Plunge on Nasdaq Premiere

BrightSpring Health Services (NASDAQ: BTSG) stock plunged more than 15% on its first day of trading on Nasdaq after pricing its initial public offering on January 25, 2024.

The company revealed on Friday its plan to allocate around $100 million in restricted stock unit grants to approximately 20,000 full-time, tenured employees.

On this event, BrightSpring CEO Jon Rousseau said,

“Our dedicated employees are the foundation of our mission-driven organization, and we are honored to have this opportunity to further invest in them in a unique way.”

He added,

“As we continue to advance, investing in our people has remained at the forefront in order to deliver high-quality and cost-effective care to patients. By creating broad and deep employee ownership on a large scale, we continue to demonstrate the Company’s commitment to rewarding and further incentivizing our skilled and compassionate clinicians, pharmacists, and caregivers and the broader BrightSpring team.”

Max Lin, Partner at KKR, noted,

“We have tremendous respect for BrightSpring and are thrilled to support the Company and share in this momentous event.”

He added,

“We are also excited to announce a significant broad-based equity grant program to thank thousands of hard-working and devoted employees for their significant efforts and further energize the collective organization as a quality-focused and innovative leader in healthcare services.”

BrightSpring is at the forefront of providing vital and top-notch pharmacy and provider services to complex patients within the preferred home and community environments. The firm positively influences communities and individuals’ lives throughout the U.S., catering to more than 400,000 patients daily. Since 2019, BrightSpring has been under the ownership of KKR affiliates and Walgreens Boots Alliance, and they will retain the majority of the company’s shares following the initial public offering.

BrightSpring (NASDAQ: BTSG) Stock Movement

BTSG stock plunged -15.38% on Friday. The traders had exchanged hands with 24,858,755 (24.85 million) shares compared to the average daily trading volume of — million.