UpHealth Announces Reverse Stock Split Will Effect Changes to Warrant Terms
UpHealth, Inc. (NYSE: UPH) announced a reverse stock split effective at 4:01 p.m. ET on December 8, 2022. This decision consolidates ten shares of common stock into one, adjusting the outstanding warrants accordingly. The warrant exercise price will rise from $11.50 to $115.00 per share. Trading will begin on a split-adjusted basis on December 9, 2022. For more details, refer to the definitive proxy statement filed with the SEC on November 15, 2022.
- The reverse stock split may help increase the stock price, potentially attracting more investors.
- The adjustment of warrants is seen as a strategic move to improve financial stability.
- The increase in warrant exercise price from $11.50 to $115.00 may deter investors.
- Reverse stock splits can signal potential financial distress or delisting risks.
DELRAY BEACH, Fla., Dec. 07, 2022 (GLOBE NEWSWIRE) -- UpHealth, Inc. (“UpHealth” or the “Company”) (NYSE: UPH), a global digital health company delivering technology platforms, infrastructure, and services to modernize care delivery and health management, today announced that the previously announced reverse stock split of the Company’s issued and outstanding common stock approved by its Board of Directors and the Company’s stockholders on December 5, 2022 whereby each ten shares of common stock will be combined and reconstituted into one share of common stock will effect proportionate adjustments to its outstanding warrants.
The Company’s warrants, traded on the NYSE under the symbol UPH.WS, will be reduced at a ratio of 1-for-10. The exercise price of each warrant will increase from
As previously announced, the reverse stock split will become effective at 4:01 p.m., Eastern Time, on December 8, 2022, after close of trading on the New York Stock Exchange. As of that time, each 10 shares of issued and outstanding common stock will be converted into one share of common stock. The Company’s common stock is expected to commence trading on a split-adjusted basis when the markets open on December 9, 2022, under the existing trading symbol “UPH.” The new CUSIP number for the Company’s common stock following the reverse stock split will be 91532B200.
Additional information about the reverse stock split can be found in the Company’s definitive proxy statement (the “Proxy Statement”) filed with the Securities and Exchange Commission (the “SEC”) on November 15, 2022, which is available free of charge at the SEC’s website, www.sec.gov, and on the Company’s website at https://uphealthinc.com.
About UpHealth, Inc.
UpHealth is a global digital health company that delivers digital-first technology, infrastructure and services to dramatically improve how healthcare is delivered and managed. The UpHealth platform creates digitally enabled “care communities” that improve access and achieve better patient outcomes at lower cost, through digital health solutions and interoperability tools that serve patients wherever they are, in their native language. UpHealth’s clients include global governments, health plans, healthcare providers and community-based organizations. For more information, please visit https://uphealthinc.com and follow us at @UpHealthInc on Twitter and UpHealth Inc on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding the reverse stock split and expectations with respect to compliance with the New York Stock Exchange’s continued listing standards. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of UpHealth in light of their respective experience and perception of historical trends, current conditions, and expected future developments and their potential effects on UpHealth as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting UpHealth will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including market conditions and their impact on the trading price of our common stock on the New York Stock Exchange, other factors discussed in the Proxy Statement, the mix of services utilized by UpHealth’s customers and such customers’ needs for these services, market acceptance of new service offerings, the ability of UpHealth to expand what it does for existing customers as well as to add new customers, that UpHealth will have sufficient capital to operate as anticipated, and the impact that the novel coronavirus and the illness, COVID-19, that it causes, as well as government responses to deal with the spread of this illness and the reopening of economies that have been closed as part of these responses, may have on UpHealth’s operations, the demand for UpHealth’s products, global supply chains and economic activity in general. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
Investor Relations:
Shannon Devine (MZ North America)
Managing Director
203-741-8811
UPH@mzgroup.us
Media:
Edna Johnson (UpHealth, Inc.)
Chief Communications Officer
mediarelations@uphealthinc.com
FAQ
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