First Choice Healthcare
Definitive (DA signed)Healthcare · Functional health, longevity and regenerative medicine clinics · Melbourne, United States
- What it is
- First Choice Healthcare Solutions, Inc
- What it’s doing now
- Merging with Westin (WSTN) — definitive (da signed), announced Jul 23, 2026; expected close Q4 2026.
- What you should know
- The real share count puts the effective valuation 13% above the announced $650M.
The business, per its filings
SEC primaryFirst Choice Healthcare Solutions, Inc. is engaged in providing healthcare services through developing and operating functional health, longevity and regenerative medicine clinics and related healthcare businesses.
Source: 8-K EX-99.1 (press release) + merger agreement notice block, accession 0001213900-26-082408 · extraction confidence: high
What the company says about itself
Web research — not audited[WEB-INTEL 2026-08-21] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The proposed transaction implies a pre-money equity value of up to approximately $650 million for First Choice" [https://www.stocktitan.net/sec-filings/FCHS/8-k-first-choice-healthcare-solutions-inc-reports-material-event-6dab63c33bd1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Consideration will be paid in PubCo common stock, with the aggregate share amount calculated by dividing the equity value by Westin’s redemption price at closing." [https://www.stocktitan.net/sec-filings/FCHS/8-k-first-choice-healthcare-solutions-inc-reports-material-event-6dab63c33bd1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Closing is subject to SEC effectiveness of a Form S-4 registration statement, Nasdaq listing approval for PubCo shares, required shareholder consents, absence of specified material adverse effects and regulatory issues, and substantially si" [https://www.stocktitan.net/sec-filings/FCHS/8-k-first-choice-healthcare-solutions-inc-reports-material-event-6dab63c33bd1.html] [WEB-INTEL 2026-08-25] 5 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "First Choice Healthcare plans a best‑efforts, all‑or‑none initial public offering of 3,800,000 shares of Series D Convertible Preferred Stock... at an assumed combined price of $5 per unit." [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Gross proceeds are shown as $19,000,000, with estimated net proceeds of $17,480,000 before expenses." [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The preferred shares carry a 9% cumulative annual dividend and convert to common stock at an assumed $5 per share, with matching $5 warrant exercise price and no conversion floor" [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Proposed deal values First Choice at up to $650M and includes a $10M PIPE in PubCo preferred stock" [https://www.stocktitan.net/sec-filings/FCHS/8-k-first-choice-healthcare-solutions-inc-reports-material-event-6dab63c33bd1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "value of approximately $650 million. The Proposed Transaction implies a pre-money equity value of approximately $650 million for the Company." [https://www.fidelity.com/news/article/mergers-and-acquisitions/202607221720PRIMZONEFULLFEED9766686] [WEB-INTEL 2026-08-25] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "First Choice Healthcare seeks $19M via 3.8M Series D preferred units with warrants" [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Proposed deal values First Choice at up to $650M and includes a $10M PIPE in PubCo preferred stock" [https://www.stocktitan.net/sec-filings/FCHS/8-k-first-choice-healthcare-solutions-inc-reports-material-event-6dab63c33bd1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Proposed Transaction implies a pre-money equity value of approximately $650 million for the Company." [https://www.fidelity.com/news/article/mergers-and-acquisitions/202607221720PRIMZONEFULLFEED9766686] [WEB-INTEL 2026-08-25] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "First Choice Healthcare seeks $19M via 3.8M Series D preferred units with warrants" [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Proposed deal values First Choice at up to $650M and includes a $10M PIPE in PubCo preferred stock" [https://www.stocktitan.net/sec-filings/FCHS/8-k-first-choice-healthcare-solutions-inc-reports-material-event-6dab63c33bd1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "value of approximately $650 million. The Proposed Transaction implies a pre-money equity value of approximately $650 million for the Company." [https://www.fidelity.com/news/article/mergers-and-acquisitions/202607221720PRIMZONEFULLFEED9766686] [WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "First Choice Healthcare seeks $19M via 3.8M Series D preferred units with warrants, registering 12.863M common shares plus 3M for resale and ..." [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Proposed deal values First Choice at up to $650M and includes a $10M PIPE in PubCo preferred stock, subject to approvals and Nasdaq listing ..." [https://www.stocktitan.net/sec-filings/FCHS/8-k-first-choice-healthcare-solutions-inc-reports-material-event-6dab63c33bd1.html] [WEB-INTEL 2026-08-25] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "First Choice Healthcare seeks $19M , Inc. is registering 12,863,000 shares of common stock tied to a new capital raise and related conversions." [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The company plans a best-efforts, all‑or-none initial public offering of 3,800,000 shares of Series D Convertible Preferred Stock, each bundled with a warrant to buy one additional Series D preferred share, at an assumed combined price of $" [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Gross proceeds are shown as $19,000,000, with estimated net proceeds of $17,480,000 before expenses." [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Transaction values First Choice Healthcare at a pro forma enterprise value of approximately $650 million" [https://www.fidelity.com/news/article/mergers-and-acquisitions/202607221720PRIMZONEFULLFEED9766686] [WEB-INTEL 2026-08-25] 2 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "First Choice Healthcare seeks $19M via 3.8M Series D preferred units with warrants, registering 12.863M common shares plus 3M for resale and ..." [https://www.stocktitan.net/sec-fili [WEB-INTEL 2026-09-08] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "First Choice Healthcare seeks $19M via 3.8M Series D preferred units with warrants" [https://www.stocktitan.net/sec-filings/FCHS/s-1-a-first-choice-healthcare-solutions-inc-amends-ipo-registration-s-e7cc3628367f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Proposed deal values First Choice at up to $650M and includes a $10M PIPE in PubCo preferred stock" [https://www.stocktitan.net/sec-filings/FCHS/8-k-first-choice-healthcare-solutions-inc-reports-material-event-6dab63c33bd1.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Transaction values First Choice Healthcare at a pro forma enterprise value of approximately $650 million" [https://www.fidelity.com/news/article/mergers-and-acquisitions/202607221720PRIMZONEFULLFEED9766686]
Source: company web presence · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
First Choice Healthcare is merging with Westin (WSTN), a $58M SPAC currently marked Deal announced and trading at $10.18 against $10.00 in trust per share.
| Headline equity value | $650M |
| Effective valuation (all shares) | $738M+13% vs headline |
| Sponsor promote | 25.9% |
| PIPE | ≈ $10M · unsourcedpreferred at a 20% discount to stated value: up to $12,500,000 aggregate stated value of PubCo Preferred Stock for an aggregate purchase price of up to $10,000,000. CONTEMPLATED ONLY — no subscription |
Structure per SEC accession(s) 0001213900-26-082408, 0001213900-25-107058, 0001213900-26-057804. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
What the filings actually value
They are not the same fact, and only the last one is what a valuation multiple may be struck on.
What First Choice Healthcare on its own is valued at, before a dollar of the SPAC's trust or the PIPE reaches it. This is the price agreed for the business itself.
The combined company net of that cash — what the buyers are paying for the BUSINESS. Every multiple below is struck on this figure and on nothing else.
What that price is, per dollar of sales
Enterprise value ÷ EBITDA — not shown
No EBITDA figure for First Choice Healthcare appears in any filing we hold, so no EV/EBITDA multiple is shown. We have not inferred one from a margin assumption — a multiple built on an assumed margin measures the assumption, not the company.
All figures above are stated in EX-99 press release0001213900-26-082408
EX-99 press release, 0001213900-26-082408: preMoneyEquityM "approximately $650 million" — the sponsor rounding its own figure; proFormaEnterpriseValueM "approximately $650 million" — the sponsor rounding its own figure. A press release is a party's own claim, not a filed table: any stated capitalisation table supersedes it.
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for First Choice Healthcare, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $650M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Pro-forma enterprise value as filed.
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $0.85 on the open market. Median of 1 listed company we judged a true comparable. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- CYH, SLBT, CCM, RGGG, CLGN, CON, USPH, ARDT, AUNA, NIVF, LGVN have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| CYH | Community Health Systems Inc | $433M | — | — | Direct comp: Healthcare Facilities & Services (NEC); small-cap ($433m); shares medicine, clinics, healthcare, health, operating, providing with the target's own description; forward EV/Sales 0.9x.more ▾less ▴ |
| SLBT | SL Science Holding Ltd | $96M | — | — | Direct comp: Biotechnology & Medical Research (NEC); micro-cap ($96m); shares regenerative, medicine, engaged, through, and with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CCM | Concord Medical Services Holdings Ltd | $117M | — | — | Direct comp: Hospitals, Clinics & Primary Care Services; micro-cap ($117m); shares clinics, healthcare, providing, related, engaged, solutions with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| RGGG | Regenique Group Ltd | — | — | — | Direct comp: Healthcare Facilities & Services (NEC); shares regenerative, longevity, healthcare, solutions, through, services with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CLGN | Collplant Biotechnologies Ltd | $18M | — | — | Operational comp: Bio Medical Devices (Health Care group); micro-cap ($18m); shares regenerative, medicine, and with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CON | Concentra Group Holdings Parent Inc | $2.5B | — | — | Operational comp: Healthcare Facilities & Services (NEC); mid-cap ($2.5bn); shares clinics, health, businesses, services, inc, and with the target's own description; forward EV/Sales 2.5x.more ▾less ▴ |
| USPH | US Physical Therapy Inc | $1.2B | — | — | Operational comp: Hospitals, Clinics & Primary Care Services; small-cap ($1.2bn); shares clinics, functional, related, services, inc, and with the target's own description; forward EV/Sales 2.0x.more ▾less ▴ |
| ARDT | Ardent Health Inc | $1.3B | — | — | Operational comp: Hospitals, Clinics & Primary Care Services; small-cap ($1.3bn); shares clinics, medicine, healthcare, health, services, through with the target's own description; forward EV/Sales 0.4x.more ▾less ▴ |
| AUNA | Auna SA | $1.2B | — | — | Operational comp: Healthcare Facilities & Services (NEC); small-cap ($1.2bn); shares clinics, healthcare, providing, solutions, through, services with the target's own description; forward EV/Sales 1.0x.more ▾less ▴ |
| NIVF | NewGenIvf Group Ltd | $2M | — | — | Operational comp: Healthcare Facilities & Services (NEC); micro-cap ($2m); shares longevity, healthcare, health, providing, solutions, services with the target's own description; forward EV/Sales 0.1x.more ▾less ▴ |
| LGVN | Longeveron Inc | $11M | — | — | Operational comp: Biotechnology & Medical Research (NEC); micro-cap ($11m); shares regenerative, medicine, developing, related, inc, and with the target's own description; forward EV/Sales 10.6x.more ▾less ▴ |
| ORGO | Organogenesis Holdings Inc. | $230M | 0.8x | — | Operational comp: Biotechnology & Medical Research (NEC); small-cap ($658m); shares regenerative, medicine, solutions, inc, and with the target's own description; forward EV/Sales 1.7x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is First Choice Healthcare going public?
First Choice Healthcare has a signed merger with the SPAC Westin (WSTN), announced Jul 23, 2026. Deal status: Definitive (DA signed).
What is First Choice Healthcare's SPAC deal valuation?
The announced headline equity value is $650M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $738M, 13% above the headline.
Was First Choice Healthcare bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for First Choice Healthcare, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $650M regardless.
Does First Choice Healthcare have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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- Veraxa Biotech — with VACH
- Minovia Therapeutics — with LPAA ($180M)