Full Press Release Details
Delivers Letter to STIM Board Outlining Potential 5-7x Upside for Shareholders Inherent in Sale of TMS and Standalone Clinic Business
BLOOMFIELD HILLS, Mich.,April 6, 2026/PRNewswire/ -- Jorey Chernett, the largest independent shareholder of Neuronetics, Inc. (NASDAQ:STIM) (the "Company" or "Neuronetics") owning approximately 14.12% of outstanding shares, today delivered a letter to the STIM Board of Directors (the "Board") calling for the immediate initiation of a comprehensive review of strategic alternatives, including the potential sale of the Company's TMS business.
The letter outlines the substantial value that could be delivered to shareholders if a sale of the TMS business were to be executed and the clinic business was to operate on a standalone basis. Specifically:
The letter outlines the substantial value that could be delivered to shareholders if a sale of the TMS business were to be executed and the clinic business was to operate on a standalone basis. Specifically:
• STIM has two compelling, high-quality assets with large and expanding TAMs, market-leading positions, accelerating adoption, and meaningful industry tailwinds.
• Despite these attractive businesses, the anticipated synergies of combining TMS and Greenbrook have not materialized, and the premise of 1 + 1 > 3 has proven illusory.
• Since the December 2024 acquisition, pure-play peers have dramatically outperformed STIM and now trade at substantially higher multiples.
• A micro-cap enterprise with finite resources cannot effectively serve two structurally distinct businesses.
• Applying conservative, yet comparable multiples to STIM's constituent businesses implies equity value to shareholders of 5–7x the current price of STIM's stock.
• Further upside could be present with effective oversight and full dedication of resources to the industry leading clinic business.
• The Board must act in the best interest of STIM shareholders and immediately engage qualified advisors to evaluate all strategic alternatives.
The full text of the letter can be foundhere: