Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Global digital health company UpHealth (NYSE: UPH) has seen its share price plunge premarket after it announced the pricing of its previously announced underwritten public offering of 23 million shares.
UpHealth has priced the shares at $1.75 per share. In addition, the underwriters have been granted a 30-day option to purchase up to 3.45 million additional shares of common stock from the company at the public offering price.
The NYSE-listed firm expects to raise approximately $40.25 million from the offering.
The company intends to use the net proceeds for working capital and other general corporate purposes, including licenses acquisitions, other strategic growth activities, and to repay some of its current obligations related to its June 2021 business combination with GigCapital2 and Cloudbreak Health.
The offering is expected to close on October 7.
Oppenheimer & Co. Inc. is acting as sole book-running manager.
UpHealth shares are currently down 34.8% premarket at $1.70, continuing its 2021 decline which has seen its stock price fall over 76%.
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