Title: Veradigm Initiates Major Board Changes and Joins Forces with Kent Lake PR in Cooperation Agreement

In a recent development within the healthcare tech industry, Veradigm Inc. (NASDAQ:MDRX), a prominent provider of healthcare data and technology solutions, has announced significant changes to its board. The alterations follow a Cooperation Agreement inked with Kent Lake PR LLC, a Puerto Rican limited liability company.

One of the pivotal changes includes a board expansion from five to six members, effective from February 20, 2025. This amendment realizes board appointments for Vinit K. Asar and Louis Silverman, who will serve as directors until the company’s next annual meeting of stockholders.

As a result of the cooperation, the Board is also set to appoint an additional independent director by March 22, 2025. The identified candidate should meet the definition of an “independent director” by rules specified by the U.S. Securities and Exchange Commission and the governance policies of the Company. Furthermore, to fulfill the terms of the cooperation agreement, the board will also select a fourth independent director following the filing of Veradigm’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022. These appointments shall happen subject to Kent Lake’s review and approval.

Board member P. Gregory Garrison is set to resign from the board either one day post the filing of the Annual Report or no later than July 1, 2025. Jonathan J. Judge resigned from the board effective immediately from February 14, 2025. He clarified that his resignation was not instigated by any disagreement on Veradigm’s operational, policy, or practice matters.

On their appointments, Vinit and Louis will both receive a pro-rata portion of a $200,000 equity grant, a $60,000 annual cash retainer, and an aggregate cash committee retainer of $2,500.

In addition to the board changes, Kent Lake PR LLC has agreed to comply with certain voting commitments, conventional standstill obligations, mutual non-disparagement and no litigation provisions. These will continue to be in effect until the day after the annual meeting unless the Cooperation Agreement terminates sooner.

This extensive Cooperation Agreement represents a competent move by Veradigm to reinforce its strategic objective. By aligning itself with potent entities like Kent Lake while refreshing its board, Veradigm signals its commitment towards delivering value through expertise, technology, and data-driven solutions for healthcare providers, payers, and biopharma markets.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Veradigm’s 8K filing here.

Veradigm Company Profile

Veradigm Inc, a healthcare technology company, provides information technology solutions and services to healthcare organizations in the United States, Canada, and internationally. It offers electronic health records (EHR), information connectivity, private cloud hosting, outsourcing, analytics, patient access, and population health management solutions.