Why Shares of Sharecare Are Soaring on Wednesday

Shares of Sharecare (NASDAQ: SHCR) were up more than 26% as of 2 p.m. ET on Wednesday after the digital healthcare company said it had received a proposal from a private equity firm to buy the company's available shares. The stock is still down more than 27% this year.

Sharecare uses a data-driven virtual health platform to help people manage their health. On Tuesday, Sharecare reported a Securities and Exchange Commission (SEC) filing from Oct. 3, in which Sharecare director John Chadwick is submitting, in behalf of private equity firm Claritas Capital, a nonbinding proposal to acquire all Sharecare shares not already owned for $1.35 to $1.80 per share in cash.

There are other potential institutional buyers that could pounce as well. The company, which went public as part of a special purpose acquisition company (SPAC) merger in 2021, has seen investment from Anthem, now called Elevance. Sharecare also has a relationship with Amazon, as it has integrated its library of more than 80,000 questions and answers into the Alexa voice service from Amazon. 

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Source Fool.com