GigCapital2 Inc. has completed its business combinations with UpHealth Holdings Inc. and Cloudbreak Health LLC.
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 Ramesh Balakrishnan, CEO 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, CEO 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.”
Avi Katz, founding managing partner of GigCapital Global and executive chairman of GigCapital2, said, “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.”
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 & Co. 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.