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Accolade To Debut On Nasdaq On July 2

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Seattle, Washington-based Accolade Inc. is scheduled to go public on the Nasdaq Global Select Market under the symbol "ACCD" on July 2, 2020. The initial public offering price is expected to be between $19.00 and $21.00 per share.

Accolade is a provider of personalized, technology-enabled solutions that help people better understand and utilize the healthcare system and their workplace benefits.

The Company currently has 60 customers spanning across the media, technology, financial services, transportation, energy, and retail industries, comprising more than 1.7 million members.

Accolade has offered to sell 8.75 million shares of common stock in the offering, and the underwriters have an option for 30 days to purchase up to 1.313 million additional shares.

Underwriters of the IPO:

Goldman Sachs, Morgan Stanley, BofA Securities, Piper Sandler, Credit Suisse, William Blair, Robert W. Baird, and SVB Leerink.

Financial Numbers:

The Company generates revenue on a contractually recurring per-member-per-month fee basis.

For the fiscal year ended February 29, 2020, Accolade's net loss narrowed to $51.4 million or $9.13 per share from a net loss of $56.5 million or $12.17 per share in the comparable period last year.

Revenue for the year rose to $132.5 million from $94.8 million a year ago. The company's four largest customers namely American Airlines, Comcast Cable, Lowe's, and State Farm accounted for 59% of the revenue.

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