NEW YORK, July 7, 2026, 10:02 EDT
- Select Medical last traded at $16.51 on June 30, just a penny above the $16.50 per share cash deal. The company asked for NYSE trading to be suspended before the open on July 1.
- Trading volume in the last session hit 27.8 million shares, about 12 times the average listed on Yahoo Finance, based on market data.
- S&P Dow Jones Indices swapped out Select Medical for Gulfport Energy in the S&P SmallCap 600 ahead of the open on July 1.
- The main story in the stock is finished. What matters now is index removals, how options get settled in cash, and the company’s private debt.
NYSE was running normal hours at the dateline. July 7 isn’t a scheduled 2026 exchange holiday. Select Medical Holdings Corporation NYSE:SEM was off the board after being taken private by a group led by Executive Chairman Robert A. Ortenzio, Martin F. Jackson, and Welsh, Carson, Anderson & Stowe. The company told the NYSE to halt trading before the open on July 1.
The strange thing about the exit was the last print. Select Medical’s last quoted price hit $16.51, which is actually a penny above the $16.50 cash merger price. That difference may look tiny, but it matters for event-driven funds: anyone buying at that price paid above the cash-out level, not including fees. Final trade volume was 27.8 million shares, so that’s around $460 million in notional value at that price, using market data figures.
| Public-market item | Data | Investor read |
|---|---|---|
| Last SEM close | $16.51 | Sits just $0.01 over the merger cash |
| Cash deal | $16.50 a share | No interest on shares eligible for the deal |
| Volume in last session | 27.8 mln shares | Roughly 12 times what trades most days |
| Normal average volume | 2.31 mln shares | Final session saw elevated turnover |
| Prev market cap | $2.05 bln | Sits under $3.9 bln company transaction value |
The SEC filing details the deal terms. Eligible shares got $16.50 in cash per share, but excluded and rollover shares didn’t get cash the same way. Select Medical said the total payout was about $1.7 billion for the shares in the deal. The buyers used equity, some rollovers, and third-party debt. Also, a credit amendment put on a $1.0 billion incremental term loan.
Options were not adjusted after the $16.51 trade. The Options Clearing Corporation has set the new SEM option deliverable at $1,650 cash per contract, which is $16.50 for each of 100 shares, with settlement going through OCC’s system.
Index funds saw a more abrupt shuffle than the stocks themselves. Gulfport Energy Corp. NYSE:GPOR was added to the S&P SmallCap 600 before the July 1 open, replacing Select Medical as Select gets acquired. The swap moved the index slot from a health-care facilities stock to an energy stock.
| Effective date | Index | Action | Company | Ticker | Sector |
|---|---|---|---|---|---|
| July 1, 2026 | S&P SmallCap 600 | Will add | Gulfport Energy Corp. | GPOR | Energy |
| July 1, 2026 | S&P SmallCap 600 | Will drop | Select Medical Holdings Corporation | SEM | Health Care |
Select Medical had given its spending priorities in advance. On the May earnings call, CEO Thomas Mullin said the company planned to “continue to focus on expanding our inpatient rehabilitation business.” CFO Michael Malatesta told investors, “We are maintaining our full-year 2026 guidance.” The Motley Fool
The guidance outlined $5.6 billion to $5.8 billion in revenue for 2026, adjusted EBITDA between $520 million and $540 million, and diluted EPS in a $1.22 to $1.32 range. Public equity markets no longer trade that outlook, but lenders are still watching the gap between rehab growth and softness in critical illness recovery hospitals.
Mullin told analysts the company is seeing “more denials in the Medicare Advantage space” affecting its hospitals. Malatesta estimated the year-over-year drop in volume from weaker Medicare Advantage conversion rates is costing about $13 million to $14 million. The Motley Fool
| Q1 2026 segment | Revenue | Adj. EBITDA | Margin | Year-earlier margin |
|---|---|---|---|---|
| Critical illness recovery hospitals | $638.8 mln | $73.4 mln | 11.5% | 13.6% |
| Rehabilitation hospitals | $351.9 mln | $81.1 mln | 23.0% | 22.9% |
| Outpatient rehabilitation | $321.3 mln | $22.0 mln | 6.8% | 7.9% |
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