UpHealth, Inc. to Begin Trading on the NYSE
under the ticker symbol “UPH” on June 10, 2021
GigCapital2, Inc. (“GigCapital2”) (NYSE: GIX, GIX.U, GIX.RT, and
GIX.WS) today announced the completion of its previously announced
business combinations with UpHealth Holdings, Inc. (“UpHealth
Holdings”) and Cloudbreak Health, LLC (“Cloudbreak Health”). The
business combinations were approved by GigCapital2 stockholders on
June 4, 2021.
The combined company has changed its name to UpHealth, Inc., and
its common stock and warrants will begin trading on the New York
Stock Exchange under the new symbols “UPH” and “UPH.WS,”
respectively, on June 10, 2021. Each GigCapital2 unit will now
separate into its components consisting of one share of common
stock, one warrant, and a right for one-twentieth of a share of
stock that will also be issued at the closing, and, as a result,
both the GigCapital2 units and the GigCapital2 rights will no
longer trade as separate securities.
“With the completion of our business combinations, we are now in
the position to accelerate the expansion of our unique digital care
management model,” said Dr. Ramesh Balakrishnan, Chief Executive
Officer of UpHealth Holdings. “With access to significant growth
capital allowing us to rapidly deploy our solutions that connect
the dots across the care continuum, UpHealth, Inc., as a public
company, will have a stronger capital structure and a public
currency to drive both organic and inorganic growth
strategies.”
“This combination gives us the opportunity to live our mission
on a global scale, resolving health disparities, reshaping
healthcare and powering its digital transformation,” said Jamey
Edwards, Chief Executive Officer of Cloudbreak Health. “We look
forward to putting all of UpHealth’s digital health solutions at
the fingertips of clinical teams worldwide, delivering a more
engaging and satisfying healthcare experience, pioneering new care
models and moving healthcare to how it should be: caring, connected
and cost effective.”
Dr. Chirinjeev Kathuria, Chairman of UpHealth Holdings,
commented, “We are honored to partner with GigCapital2 to allow
UpHealth, a rapidly growing, global, and profitable digital health
leader, to continue to increase its impact at scale in a healthcare
market ripe for much needed change and innovation.”
“We are very excited to complete these business combinations
with the strong support of stockholders and look forward to helping
the UpHealth team accelerate its growth as a public company by
utilizing GigCapital’s Private-to-Public Equity™ methodology to
drive shareholder value. The transaction proceeds will expand sales
and marketing, fund development to accelerate product offerings,
and inorganic growth through accretive M&As,” said Dr. Avi
Katz, Founding Managing Partner of GigCapital Global and Executive
Chairman of GigCapital2.
Oppenheimer & Co. Inc. and Nomura Securities International,
Inc. serve as Financial and Capital Markets Advisors, DLA Piper LLP
(US) serves as legal counsel, and BPM LLP serves as auditors to
GigCapital2. Needham & Company serves as exclusive financial
advisor, Husch Blackwell LLP serves as legal counsel, and Plante
Moran, PLLC serves as auditors to UpHealth. Sidley Austin LLP
serves as legal counsel to Cloudbreak.
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 Cloudbreak Health
Cloudbreak Health (www.cloudbreak.us) revolutionized patient and
provider communication with the introduction of video remote
interpreting (VRI), establishing Cloudbreak as a pioneer in
telehealth technology. Cloudbreak Health continues to innovate with
Cloudbreak Telehealth Solutions, including telepsychiatry,
telestroke, tele-quarantine, remote patient monitoring and other
specialties. Committed to overcoming healthcare disparities and
bringing language access to the point of care, Cloudbreak Health
seamlessly integrates their language access solution, Martti, into
a host of platforms, including Epic, Zoom, and Caregility.
Performing more than 1.5 million minutes of telemedicine
consultation each month on over 14,000 video endpoints at 1,800+
healthcare locations nationwide, Cloudbreak Telehealth simplifies
how providers care for patients, putting a full care continuum at
their fingertips 24/7. Follow Cloudbreak on Twitter @cloudbreakhlth
or the hashtag #HumanizeHealthcare.
About GigCapital Global and GigCapital2, Inc.
GigCapital Global (www.gigcapitalglobal.com) is a
Private-to-Public Equity (PPE)™ investment group, sponsoring and
operating Special Purpose Acquisition Companies (“SPAC,” also known
as Blank-Check companies). 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, 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), GigCapital4, Inc. (Nasdaq: GIG, GIGGU and
GIGGW), and GigInternational1, Inc. (NASDAQ: GIWWU) are part of the
GigCapital Group portfolio of Private-to-Public Equity (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 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
management team’s current expectations and beliefs in light of
their collective experience and their perception of historical
trends, current conditions and expected future developments and
their potential effects on UpHealth as well as other factors they
believe are appropriate in the circumstances. There can be no
assurance that future developments affecting UpHealth will be those
that we have anticipated. These forward-looking statements involve
a number of risks, uncertainties (some of which are beyond our
control) 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 regulatory
approvals, the ability of UpHealth to continue to meet the NYSE
listing standards, product and service acceptance, and that
UpHealth will have sufficient capital 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 UpHealth’s filings with the SEC,
and in UpHealth’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 UpHealth as of the date hereof, and
UpHealth assumes 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210609005895/en/
For GigCapital2: Brian Ruby,
ICR, Brian.ruby@icrinc.com
For UpHealth Investors: Reed
Anderson, reed.anderson@icrinc.com, +1 612-710-8617 Media: Sean
Leous, sean.leous@westwicke.com, + 1 646-866-4012
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