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:
- 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 found here:
Taylor Ingraham / Max Rayden
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