Babylon Holdings to proceed with AlbaCore/MindMaze transaction, delist from NYSE

Babylon Holdings announced in its June 23, 2023 press release that the Company has received a proposal from AlbaCore Capital LLP and MindMaze Group SA pursuant to which core operating subsidiaries of the Company would be transferred to MindMaze. The closing of the Proposed Transaction is expected in July 2023 and is subject to agreed documentation, various conditions and appropriate approvals, if required. The Proposed Transaction will not provide for any payment to the Company’s Class A ordinary shareholders or other equity instrument holders, as AlbaCore will be exercising rights under its debt agreements with the Company to transition the go-forward business by transferring core operating subsidiaries of the Company to MindMaze. The Company today announced that on June 22, 2023, the Company received a notice from the New York Stock Exchange indicating the Company is not in compliance with Section 802.01B and Section 802.01C of the NYSE Listed Company Manual because (i) the Company’s average total market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its last reported shareholders’ equity was less than $50 million, and (ii) the average closing price of the Company’s Class A ordinary shares on the NYSE was less than $1.00 over a consecutive 30 trading-day period.