Skip to main content

Joint Corp. Jumps on Move to S&P SmallCap 600

Joint Corp. will join the S&P SmallCap 600 Index, replacing Cubic, which has agreed to be acquired by Veritas Capital and hedge fund Elliott.
  • Author:
  • Publish date:

Joint Corp.  (JYNT)  was climbing on Tuesday after the chiropractic-clinic operator said it had been selected by the S&P Dow Jones Indices to join the S&P SmallCap 600, effective Thursday.

Shares of the Scottsdale, Ariz., company at last check were 20% higher at $69.50. Bloomberg noted the company was trading on record volume.

Joint Corp. President and CEO Peter D. Holt said in a statement that the company's inclusion in the index recognizes the company's staff and system members for their dedication to patients.

Joint Corp. recently opened its 600th location, in Bowling Green, Ky.

The company, which has about 225 employees, has centers in 34 states and is working on a goal of 1,000 units by the end of 2023.

Earlier this month, Joint Corp. said first-quarter revenue increased 29% from a year ago to $17.5 million.

The S&P Dow Jones Indices said the Joint Corp. will replace transportation- and defense-technology company Cubic  (CUB)

In March Cubic agreed to be acquired by private-equity firm Veritas Capital and hedge fund Elliott Investment Management at a raised buyout offer of $75 cash a share.

The deal marked an end to a bidding war, which also involved a revised takeover bid from Singapore Technologies Engineering.

Cubic had agreed in February to be acquired by Veritas and Elliott Management before Singapore Technologies made an unsolicited proposal.

The Cubic-Veritas-Elliott deal is valued at around $3 billion, including the assumption of debt.