UPH - UpHealth launches private placement to raise $4.5M stock down 9%

2023-03-09 10:11:30 ET

• UpHealth ( NYSE: UPH ) said Thursday it entered into agreement with a single, healthcare-focused institutional investor for the purchase and sale of 3 million shares of the company’s common stock at $1.50 per share.
• Total gross proceeds from the private placement is expected to be $4.5 million.
• The institutional investor will also purchase series A warrants to buy up to 3 million shares of common stock of the company and series B warrants to buy up to 3 million shares.
• The accompanying series A and series B warrants will be priced at will have an exercise price of $2.04 per share and will be initially exercisable beginning six months following the date of issuance.
• The series A warrants will expire five years from the initial exercise date, and the series B warrants will expire 2 years from the initial exercise date.
• The closing of the offering is expected to occur on or about March 13, 2023.
• A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.
• Press Release .
• Shares -9.6% at $1.85.

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