REG - Kooth PLC - Statement regarding share price movement

KoothAnnouncement

25/10/2024 07:00

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RNS Number : 5681J  Kooth PLC  25 October 2024

25 October 2024

Kooth plc

 

("Kooth" or the "Company" or the "Group")

 

Statement regarding share price movement

 

Kooth (AIM: KOO), a global leader in youth digital mental well-being, today
provides a statement regarding the movement of its share price which took
place on the afternoon of 24 October 2024 following the publication of a
newsletter article regarding its service in California which contained
outdated information that underestimated the uptake and impact of Soluna in
California. The Company has provided a statement that goes into more detail
regarding the article, which can be found on its website here
(https://koothplc.com/article/response-to-article-in-california) .

 

The Company's contract in California has not changed since it was announced on
4 July 2023, valued at $188 million over a four-year period. Since Kooth's
services went live in California in January 2024, the Company has seen usage
in each of California's 58 counties, with momentum, awareness, and uptake
growing meaningfully as the year has progressed. It has recently added
additional capabilities to Soluna, including a care navigation support
function, which enables it to operate as a digital front door to access
additional mental healthcare and welfare services within the State. The
Company is also engaged in a robust outreach and public awareness effort that
will continue to increase uptake.

 

Soluna is already demonstrating its impact in California as a valuable source
of support to children and young people with mental health needs. 53% of those
accessing Soluna come from communities disproportionately affected by health
and economic inequalities, and 95% of youth who engage with coaching would
recommend Soluna to a friend. Soluna has also demonstrated meaningful clinical
benefits, with 70% of those accessing single-session therapy reporting
positive outcomes.

 

Kooth is proud of the impact it has achieved to date in California and
continues to deliver on its purpose of building mentally healthier
populations, leaving no one behind.

 

The Board reiterates that its expectations for 2024 and 2025 remain unchanged.

 

ENDS

Enquiries:

 Kooth plc                                               investorrelations@k (mailto:investorrelations@kooth.com) ooth
                                                         (mailto:investorrelations@kooth.com) .com (mailto:investorrelations@kooth.com)
 Tim Barker, CEO
 Sanjay Jawa, CFO

 Stifel, Nominated Adviser & Sole Broker                 +44 (0) 20 7710 7600
 Ben Maddison, Nick Harland, Erik Anderson, Ben Good

 FTI Consulting, Financial PR                            Kooth (mailto:Kooth@fticonsulting.com) @fticonsulting.com
                                                         (mailto:Kooth@fticonsulting.com)
 Ben Atwell, Alex Shaw

 

About Kooth plc:

 

Kooth (AIM:KOO) is a global leader in youth digital mental well-being. Our
mission is to provide accessible and safe spaces for everyone to achieve
better mental health. Our platform is clinically robust and accredited to
provide a range of therapeutic support and interventions. All our services are
predicated on easy access to make early intervention and prevention a reality.

 

Kooth is a fully safeguarded and pre-moderated community with a library of
peer and professional created content, alongside access to experienced online
counsellors. There are no thresholds for support and no waiting lists.

 

Kooth is the longest standing digital mental health provider to hold a UK-wide
accreditation from the British Association of Counselling and Psychotherapy
(BACP) and according to NHS England data for 2022/23 is now the largest single
access provider for mental health support for under 18s.

 

In 2021, Kooth began executing on its international expansion strategy, with
an initial focus on the US market. This focus is due to the growing
recognition of the importance of improving youth mental health in this key
global healthcare market, with 1-in-6 people aged 6-17 experiencing a mental
health disorder each year.

 

For more information, please visit www.k (http://www.koothplc.com) ooth
(http://www.koothplc.com) plc.com (http://www.koothplc.com) .

 

 

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