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.
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Los Angeles-based
Cloudbreak Health, a provider of telehealth and video remote interpretation for the healthcare market, said Wednesday that it has partnered with
Extended Care LLC, a healthcare technology software provider. According to the two companies, they will integrate Martti, Cloudbreak s video remote interpretation (VRI) service, and the ExtendedCare Telehealth virtual care platform. Financial details of the partnership were not announced. The companies said the move will provide limited English proficient (LEP), deaf and hard-of-hearing patients and their providers have fast and easy access to high-quality telehealth language services at the touch of a button. Cloudbreak Health is led by CEO Jamey Edwards.