Amwell Announces Pricing of Upsized Initial Public Offering

Rhea-AI Summary

Amwell, a telehealth leader, announced the pricing of its upsized IPO at $18.00 per share, raising approximately $742 million before expenses. The offering includes 41,222,222 shares, with an additional 30-day option for underwriters to purchase up to 6,183,333 shares. Shares will start trading on the NYSE under the symbol 'AMWL' on September 17, 2020, and the offering is expected to close on September 21, 2020. The SEC declared the registration statement effective on September 16, 2020.

Positive

• IPO priced at $18.00 per share, raising $742 million.
• Shares to begin trading on NYSE under symbol 'AMWL'.
• Strong demand indicated by upsized offering.

Negative

• Potential dilution for existing shareholders due to the large offering size.

BOSTON, Sept. 16, 2020 /PRNewswire/ -- Amwell®, a national telehealth leader, today announced the pricing of its upsized initial public offering of 41,222,222 shares of its Class A common stock at an initial public offering price of $18.00 per share for total gross proceeds of approximately $742 million, before deducting underwriting discounts and commissions and offering expenses payable by Amwell. In addition, the underwriters have been granted a 30-day option to purchase up to 6,183,333 additional shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions, from Amwell and certain stockholders of Amwell (the "Selling Stockholders"). Amwell will not receive any proceeds from the sale of Class A common stock by the Selling Stockholders.

The shares are expected to begin trading on The New York Stock Exchange under the symbol "AMWL" on September 17, 2020, and the offering is expected to close on September 21, 2020, subject to customary closing conditions.

Morgan Stanley, Goldman Sachs & Co. LLC and Piper Sandler are acting as lead joint book-running managers for the offering. UBS Investment Bank, Credit Suisse, Cowen and Berenberg are acting as bookrunners for the offering.

A registration statement relating to the securities being sold in the offering was declared effective on September 16, 2020 by the U.S. Securities and Exchange Commission (the "SEC"). The offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to the offering  may be obtained for free from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or by e-mail at prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526 or by e-mail at prospectus-ny@ny.email.gs.com; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at (800) 747-3924 or by e-mail at prospectus@psc.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.

About Amwell

Amwell is a leading telehealth platform in the United States and globally, connecting and enabling providers, insurers, patients, and innovators to deliver greater access to more affordable, higher quality care. Amwell believes that digital care delivery will transform healthcare. The Company offers a single, comprehensive platform to support all telehealth needs from urgent to acute and post-acute care, as well as chronic care management and healthy living. With over a decade of experience, Amwell powers telehealth solutions for over 2,000 hospitals and 55 health plan partners with over 36,000 employers, covering over 80 million lives.

American Well and Amwell are registered trademarks or trademarks of American Well Corporation in the United States and other countries. All other trademarks used herein are the property of their respective owners.

Media Contact

Holly Spring
781-888-8219 / holly.spring@amwell.com

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SOURCE Amwell

FAQ

What is the IPO price and total proceeds for Amwell?

Amwell's IPO is priced at $18.00 per share, raising approximately $742 million.

When will Amwell's shares start trading?

Amwell's shares will begin trading on the NYSE under the symbol 'AMWL' on September 17, 2020.

What is the size of Amwell's initial public offering?

The initial public offering includes 41,222,222 shares, with an option for underwriters to purchase an additional 6,183,333 shares.

When is the expected closing date for Amwell's IPO?

The offering is expected to close on September 21, 2020, subject to customary conditions.