Kooth Shares Surge After New Jersey Contract

Investing.com — Shares of Kooth (LON:KOO) jumped over 9% on Tuesday after the digital mental health service company announced it secured a new pilot contract with New Jersey, valued at $1.45 million for its first year.

Under this contract, Kooth will provide mental health support via its Soluna platform to school districts across New Jersey, reaching an estimated 50,000 students aged 13 to 18.

The services are expected to launch in mid-January 2025, granting students round-the-clock access to mental health tools, content, and support.

The pilot program will utilize Kooth’s existing US infrastructure, along with in-state marketing expertise and licensed behavioral health professionals, to deliver effective services.

The Soluna platform offers students access to self-guided tools, educational content, and moderated peer support communities. Additionally, students can participate in confidential counseling and coaching services available seven days a week, providing flexibility for after-school and weekend access.

This New Jersey pilot contract follows Kooth’s expansion in the US, including a contract with California and a partnership with Aetna Better Health in Illinois. The company is also in discussions for a second pilot contract, expected to be finalized in the first quarter of 2025.