Kooth PLC - London-based provider of digital mental health care for youths - Wins pilot contract worth $1.5 million with the US state of New Jersey. Kooth will provide mental health support via its Soluna platform to school districts within the northeastern state, reaching 50,000 students aged 13 to 18. The contract has an initial term of a year, with the services expected to start in mid-January. Kooth notes it already has infrastructure in the US to deliver the contract, having in place deals in California and Illinois. It says it remains in talks for another pilot contract in the US, expected to be concluded in the first quarter.
Kooth also on Tuesday says it will launch a share buyback programme worth up to £1.5 million, saying it believes its shares are undervalued. The buyback will be run by Stifel Nicolaus Europe Ltd. The repurchased shares will be held in treasury to meet obligations under share-based incentive plans.
Current stock price: 181.58 pence, up 12% in London on Tuesday
12-month change: down 39%
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