socaltech.com
GigCapital2, the Special Purpose Acquisition Company (SPAC) which is merging with Los Angeles-based
Cloudbreak Health, said it has raised $285M in capital, which is part of its business combination with UpHealth Holdings and Cloudbreak Health. According to the company, the funding will go to support the combined company s growth as a public company. GigCapital2 did not say where the funding came from, but said the capital raise included 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% per annum, and are convertible into common shares of the combined company, UpHealth, Inc., at a conversion price of $11.50. Cloudbreak offers up telehealth solutions within hospitals, including telepsychiatry, telestroke, tele-quarantine, remote patient monitoring and other specialties, particularly around translation and language access.