UpHealth Holdings, Inc. (“UpHealth”), an integrated global
platform serving four large digital health markets, today announced
the appointment of Jay Jennings as its new Chief Accounting Officer
(“CAO”). Mr. Jennings will join UpHealth’s senior leadership team
and lead the company’s accounting functions as it transitions to a
public company as a result of its announced business combination
with GigCapital2, Inc. (“GigCapital2”) (NYSE: GIX).
Mr. Jennings, CPA, is a seasoned accounting executive, who
served as an Audit Manager at Ernst & Young and Corporate
Controller for publicly-traded MetaCreations Corporation and, for
more than 17 years, served as the Principal Accounting Officer for
publicly-traded eHealth, Inc., a leading health insurance
marketplace with a technology and service platform that provides
consumer engagement, education and health insurance enrollment
solutions.
In his role at eHealth, Mr. Jennings built a global finance team
from five to 100 employees. He was responsible for accounting
operations, revenue operations, SEC reporting, technical
accounting, financial planning and analysis, business analytics,
income taxes, treasury and corporate insurance/risk management
programs. Mr. Jennings also managed system implementations focused
on driving automation, improved analytics and cost-savings.
“Jay has more than 30 years of hands-on senior financial
leadership in public and private technology and healthcare
companies,” said Martin Beck, Chief Financial Officer, UpHealth
Holdings, Inc. “His experience of growing eHealth from a VC-backed
startup though an IPO, while supporting multiple acquisitions, will
be instrumental in helping us continue to build UpHealth.”
“UpHealth is one of the only profitable, global, digital health
companies serving the enterprise healthcare marketplace,” Mr.
Jennings said. “I look forward to using my expertise to help the
company complete its upcoming SPAC business combination and lead
the accounting functions as it transitions to a public company. I
see the strength of the UpHealth model, which is focused on
digitally empowering local, national and global healthcare and
helping transform the existing continuum of care.”
About the Transaction: In November 2020, UpHealth and
GigCapital2, a special-purpose acquisition company (“SPAC,” also
known as a blank-check company), announced they had entered into a
definitive agreement for a business combination. Upon closing of
the business combination, the combined operating company will be
named UpHealth and will be listed on the New York Stock Exchange
under the ticker symbol “UPH”. On January 21st, 2021, GigCapital2
announced that it had secured $285 million from institutional
investors in connection with its business combination with
UpHealth. On February 8th, 2021, GigCapital2 filed a Form S-4 with
the SEC in regards to the proposed combination, and on March 22nd,
2021, filed a response to SEC comments.
About UpHealth Holdings, Inc.: UpHealth is a global,
comprehensive, digital health technology and tech-enabled services
platform that empowers providers, health systems and payors
globally to manage care for people with complex medical, behavioral
and social needs, while dramatically improving access to primary
care. For more information, please visit https://uphealthinc.com
and follow us at @UphealthInc on Twitter, UpHealth Inc on LinkedIn
and @uphealthinc on Instagram.
About GigCapital Global and GigCapital2, Inc. GigCapital
Global (www.gigcapitalglobal.com) is a Private-to-Public Equity
(PPE)™ investment group, sponsoring and operating SPACs. Founded in
2017 by Dr. Avi Katz, the GigCapital Group and its sponsored SPACs
are led by an affiliated team of technology industry experts,
deploying a unique Mentor-Investors™ methodology to partner with
exceptional privately-held and U.S. and non-U.S. public technology
companies led by dedicated, innovative entrepreneurs. The
GigCapital Group companies offer financial, operational and
executive mentoring to U.S. and global private companies and
non-U.S. public companies, in order to accelerate their path from
inception and as a privately-held entity into the growth-stage as a
publicly traded company in the U.S. The partnership of the
GigCapital Group with these companies continues through an organic
and roll-up strategy growth post the transition to a public
company. For more information, visit www.gigcapitalglobal.com.
GigCapital2, Inc. (NYSE: GIX, GIX.U, GIX.RT, and GIX.WS)
(www.gigcapital2.com), GigCapital3, Inc. (NYSE: GIK, GIK.U and
GIK.WS) (www.gigcapital3.com) and GigCapital4, Inc. (Nasdaq: GIG,
GIGGU and GIGGW), are part of the GigCapital Group portfolio of PPE
companies.
“Private-to-Public Equity (PPE)” and “Mentor-Investor” are
trademarks of GigFounders, LLC, used pursuant to agreement.
Forward-Looking Statements This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
regarding our or our management team’s expectations, hopes,
beliefs, intentions, plans, prospects or strategies regarding the
future, including possible business combinations, revenue growth
and financial performance, product expansion and services. Any
statements contained herein that are not statements of historical
fact may be deemed to be forward-looking statements. In addition,
any statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intends,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements contained in this press release are
based on our current expectations and beliefs made by the
management of GigCapital2, UpHealth and/or Cloudbreak in light of
their respective experience and their perception of historical
trends, current conditions and expected future developments and
their potential effects on UpHealth, Cloudbreak and GigCapital2 as
well as other factors they believe are appropriate in the
circumstances. There can be no assurance that future developments
affecting UpHealth, Cloudbreak or GigCapital2 will be those that we
have anticipated. These forward-looking statements involve a number
of risks, uncertainties (some of which are beyond the control of
the parties) or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements, including that the
GigCapital2 stockholders will approve the business combinations,
regulatory approvals, the ability of the post-combination company
to meet the NYSE listing standards, product and service acceptance,
and that UpHealth will have sufficient capital upon the approval of
the transaction to operate as anticipated. Should one or more of
these risks or uncertainties materialize, or should any of our
assumptions prove incorrect, actual results may vary in material
respects from those projected in these forward-looking statements.
Additional factors that could cause actual results to differ are
discussed under the heading “Risk Factors” and in other sections of
GigCapital2’s filings with the SEC, and in GigCapital2’s current
and periodic reports filed or furnished from time to time with the
SEC. All forward-looking statements in this press release are made
as of the date hereof, based on information available to
GigCapital2, UpHealth and/or Cloudbreak as of the date hereof, and
GigCapital2, UpHealth and/or Cloudbreak assume no obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
Additional Information and Where to Find It In connection
with the proposed business combinations, GigCapital2 has filed a
registration statement on Form S-4 with the SEC containing a
preliminary proxy statement and a preliminary prospectus of
GigCapital2, and after the registration statement is declared
effective, GigCapital2 will mail a definitive proxy
statement/prospectus relating to the proposed business combinations
to its stockholders. This press release does not contain all the
information that should be considered concerning the proposed
business combinations and is not intended to form the basis of any
investment decision or any other decision in respect of the
business combinations. Additional information about the proposed
business combinations and related transactions is described in
GigCapital2’s Current Report on Form 8-K and combined proxy
statement/prospectus relating to the proposed business combinations
and the respective businesses of GigCapital2, UpHealth and
Cloudbreak that GigCapital2 has filed with the SEC. The proposed
business combinations and related transactions will be submitted to
stockholders of GigCapital2 for their consideration. GigCapital2’s
stockholders and other interested persons are advised to read the
preliminary proxy statement/prospectus and the amendments thereto
and the definitive proxy statement/prospectus, when available, and
other documents filed in connection with GigCapital2’s solicitation
of proxies for its special meeting of stockholders to be held to
approve, among other things, the proposed business combinations and
related transactions, because these materials will contain
important information about UpHealth, Cloudbreak, GigCapital2 and
the proposed business combinations and related transactions. When
available, the definitive proxy statement/prospectus and other
relevant materials for the proposed business combinations will be
mailed to stockholders of GigCapital2 as of a record date to be
established for voting on the proposed business combinations and
related transactions.
Stockholders may also obtain a copy of the preliminary or
definitive proxy statement/prospectus, once available, as well as
other documents filed with the SEC by GigCapital2, without charge,
at the SEC’s website located at www.sec.gov or by directing a
request to Brad Weightman, Vice President and Chief Financial
Officer, GigCapital2, Inc., 1731 Embarcadero Rd., Suite 200, Palo
Alto, CA 94303, or by telephone at (650) 276-7040.
Participants in the Solicitation UpHealth, Cloudbreak,
GigCapital2 and their respective directors and executive officers
and other persons may be deemed to be participants in the
solicitations of proxies from GigCapital2’s stockholders in respect
of the proposed business combinations and related transactions.
Information regarding GigCapital2’s directors and executive
officers is available in its Form 10-K filed with the SEC on March
30, 2020. Additional information regarding the participants in the
proxy solicitation and a description of their direct and indirect
interests will be contained in the preliminary and definitive proxy
statements/prospectus related to the proposed business combinations
and related transactions when it becomes available, and which can
be obtained free of charge from the sources indicated above.
No Offer or Solicitation This communication shall neither
constitute an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of securities in any
jurisdiction in which the offer, solicitation, or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210324005560/en/
Sean Leous, sean.leous@westwicke.com, 646 866 4012
GigCapital2 (NYSE:GIX)
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