UpHealth, Inc. (NYSE: UPH) (“UpHealth” or the “Company”) today announced the pricing of its previously announced underwritten public offering (the “Offering”) of 23,000,000 shares of its common stock, par value $0.0001 per share (the “Common Stock”), at a public offering price of $1.75 per share. In addition, the underwriters have been granted a 30-day option to purchase up to 3,450,000 additional shares of Common Stock from the Company at the public offering price, less underwriting discounts and commissions. The gross proceeds to the Company from this Offering, prior to deducting underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $40.25 million. The Company intends to use the net proceeds that it will receive from the Offering for working capital and other general corporate purposes, including licenses acquisitions or other strategic growth activities, as well as to repay certain of its current obligations related to its June 2021 business combination, inclusive of debt repayments and forward purchase obligations. The Offering is expected to close on October 7, 2021, subject to customary closing conditions.
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Oppenheimer & Co. Inc. is acting as sole book-running manager, and Lake Street Capital Markets, LLC and Northland Capital Markets are acting as co-lead managers for the Offering.
A registration statement on Form S-1 (File No. 333-259143) relating to the Offering was declared effective by the Securities and Exchange Commission (the “SEC”) on October 4, 2021. The Offering is being made only by means of a prospectus forming a part of the effective registration statement. Copies of the final prospectus related to the Offering, when available, may be obtained for free from the SEC’s website at http://www.sec.gov, or alternatively from: Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY, 10004, by telephone at (212) 6678055, or by email at EquityProspectus@opco.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
