Cloudbreak Health, LLC, a leading telehealth and video remote interpretation solutions provider, announced that GigCapital2, Inc. has raised $285 million for its previously announced business combinations with UpHealth Holdings, Inc. and Cloudbreak. This capital raise 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 percent per annum, and are convertible into common shares of the combined company, UpHealth, Inc., at a conversion price of $11.50.
“This investor commitment provides the growth capital moving forward to continue to drive healthcare’s digital transformation, not just locally, but globally as well,” said Jamey Edwards, CEO of Cloudbreak. “Having a fully funded plan on Day 1 will allow us to focus on rapidly expanding our mission and build a global, profitable, publicly traded digital health leader.”
Cloudbreak provides more than one and a half million minutes of telemedicine consultation each month simplifying how providers care for patients, putting patient care at their fingertips 24/7 and enabling local healthcare systems to build their integrated telemedicine strategy from their digital front-door to in-hospital care and beyond.