Healthcare company Babylon Holdings Ltd.’s stock BBLN tumbled 42% premarket Wednesday, after it announced plans to go private with backup from AlbaCore Capital. The Austin, Texas and London, England-based company said it has entered an amendment and restatement of its senior secured term loan facility with AlbaCore for up to $34.5 million in funding on similar pricing terms to an original bridge agreement. That is expected to provide the liquidity for the company to continue to operate and implement an agreement to be taken private. The board has approved the funding and take-private proposal, which is expected to take place in June. Babylon is creating a digital-first primary care service.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.