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GigCapital Global, an investment group focused on Private-to-Public Equity (PPE)™ transactions to enable excellent late-stage growth private companies, primarily in the Technology, Media, and Telecommunications (TMT) sectors, to become public, today announced that GigCapital2, Inc. (“GigCapital2”) (NYSE:GIX) raised $285 million in connection with its previously announced business combinations with UpHealth Holdings, Inc. (“UpHealth”) and Cloudbreak Health, LLC (“Cloudbreak”).
This private placement with certain institutional investors includes an aggregate of 3,000,000 shares of GigCapital2 common stock at $10.00 per share and $255,000,000 of 5-year unsecured convertible notes, which shall bear interest at a rate of 6.25% per annum, and will be convertible into common shares of the combined company, UpHealth, Inc., at a conversion price of $11.50.
“This oversubscribed, differentiated, unique funding construct, a mix of equity and convertible debt, will provide the combined UpHealth businesses with the capital needed to continue to execute on its strategy while limiting dilution and maximizing value for all shareholders. While business fundamentals are core, the pride of our team is the focus on purpose, mentoring, and support we offer to the exceptional executive team of UpHealth as they begin a new adventure in the public market,” said Dr. Avi Katz, Founding Managing Partner of GigCapital Global and Executive Chairman of GigCapital2.
“The GigCapital team understands what it takes to successfully bring together businesses to accelerate growth,” said Dr. Chirinjeev Kathuria, MD, Co-Founder and Co-Chairman of UpHealth. “Completing this financing is a key step in bringing together the complementary suite of solutions that will allow UpHealth to power healthcare’s digital transformation.”
“This oversubscribed capital raise is symbolic of the market’s belief in UpHealth’s future,” added Jamey Edwards, CEO & Co-Founder of Cloudbreak Health. “With the support of GigCapital and this expanded investor base, we will be able to rapidly scale our mission to reshape healthcare globally and resolve health disparities, continuing our digital health leadership across the care continuum,” added Mr. Edwards.
Oppenheimer & Co. Inc. acted as exclusive placement agent on the common stock and convertible note financings for GigCapital2.
Posted In: GIX
