Who Owns UpHealth Company?

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Who Really Owns UpHealth?

Understanding the intricate web of UpHealth SWOT Analysis is key to assessing its potential. The company's journey, marked by a significant SPAC merger with GigCapital2 in June 2021, transformed it into a publicly traded entity. This pivotal move reshaped the landscape of UpHealth ownership and set the stage for its ambitions in the digital health sector.

Founded in 2019, UpHealth, Inc. aims to modernize healthcare delivery. The company's UpHealth investors, executives, and board of directors play critical roles in shaping its strategic direction, making it crucial to understand who owns UpHealth. This analysis will examine the evolution of its ownership structure, from its early investors to its current major shareholders, providing insights into its governance and strategic decisions, including the UpHealth stock performance and the company's future trajectory.

The digital health company, UpHealth, was established in 2019. The founders, Dr. Chirinjeev Kathuria and Dr. Mariya Pylypiv, played key roles in shaping the company's early direction. Their initial vision set the stage for the company's growth and its subsequent evolution within the healthcare technology sector.

Dr. Chirinjeev Kathuria serves as Co-Founder and Co-Chairman, while Dr. Mariya Pylypiv is a Co-Founder and the Chief Strategy Officer, also on the Board of Directors. The company's formation involved a merger with GigCapital2, Inc., which was a critical step in its early financial and operational structuring. This merger provided a pathway for UpHealth to enter the public market.

The company's early ownership structure was significantly influenced by its merger with GigCapital2, Inc. GigCapital2, Inc. completed its initial public offering in June 2019, selling units at $10.00 each. This initial public offering was a significant financial event, providing capital for UpHealth's early operations and expansion. The company also raised additional capital through a Private Investment in Public Equity (PIPE) investment in January 2021.

Key Ownership and Financial Events

The early financial structure of UpHealth involved several key transactions and events. These are crucial for understanding the company's ownership and financial trajectory.

• GigCapital2, Inc. IPO: In June 2019, GigCapital2, Inc. completed its IPO, selling 17,250,000 units at $10.00 per unit.
• PIPE Investment: In January 2021, UpHealth issued and sold 3,000,000 shares of common stock to institutional investors at $10.00 per share.
• Business Combination: The merger that formed UpHealth, Inc. on June 9, 2021, involved the acquisition of UpHealth Holdings and Cloudbreak Health, LLC.
• Major Shareholder: As of June 2022, Dr. Chirinjeev Kathuria was noted as the single largest stockholder of the company.

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The ownership structure of the UpHealth company has evolved significantly since its inception. The company's journey began with a merger. On June 9, 2021, GigCapital2, Inc. completed the acquisition of UpHealth Holdings, Inc. and Cloudbreak Health, LLC, which led to the formation of the current UpHealth, Inc. This strategic move resulted in a publicly traded entity on the New York Stock Exchange (NYSE).

Further impacting its ownership, UpHealth has engaged in acquisitions and divestitures. In November 2020, UpHealth Holdings, Inc. acquired Thrasys, Inc., Behavioral Health Services, LLC, and a significant portion of Glocal Healthcare Systems Private Limited. Additional acquisitions included TTC Healthcare, Inc. in January 2021 and Innovations Group, Inc. (MedQuest) in April 2021. More recently, in November 2023, the company agreed to sell its subsidiary Cloudbreak Health, LLC, to GTCR for $180 million in cash. This sale is expected to finalize in the first half of 2024, which will allow the company to focus on its behavioral health business, TTC Healthcare, Inc.

As of May 2025, major shareholders of UpHealth, Inc. (OTCPK: UPHL) include DGFFX - Destinations Global Fixed Income Opportunities Fund Class I, DLDFX - Destinations Low Duration Fixed Income Fund Class I, and RSIIX - RiverPark Strategic Income Fund Institutional Class Shares. Individual shareholders, such as founders, also maintain substantial stakes. To understand the company's journey and the events impacting its ownership, you can read a Brief History of UpHealth.

Ownership Insights

UpHealth's ownership structure has changed significantly due to mergers, acquisitions, and divestitures. The company's market capitalization was approximately $3.8K as of June 2024. Key institutional investors and individual shareholders hold significant stakes in the company.

• The company went public through a SPAC merger.
• Cloudbreak Health, LLC, was sold to GTCR.
• Institutional ownership data is available as of May 2025.
• Individual founders retain significant shares.

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The Board of Directors of the UpHealth company is pivotal in steering its strategic direction and overseeing governance. As of January 2024, key figures within UpHealth, including directors and executive officers, held the right to vote 5,486,550 shares of UpHealth Common Stock. This represented approximately 29.39% of all outstanding shares. Dr. Avi S. Katz holds the position of Executive Chairman, while Dr. Chirinjeev Kathuria, a co-founder, serves as Co-Chairman and board member. Dr. Mariya Pylypiv, also a co-founder, is a board member and Vice Chairwoman.

The voting structure for UpHealth Common Stock generally follows a one-share-one-vote principle. In January 2024, the total number of outstanding shares entitled to vote was 18,671,142. Significant decisions, such as the sale of assets, typically require a majority vote of the outstanding shares. For example, the Board unanimously supported the sale of Cloudbreak, which needed the affirmative vote of a majority of the common stock.

UpHealth's corporate governance focuses on transparency and fiduciary responsibilities. The company has also navigated legal and operational hurdles, including a March 2024 arbitration award of over $110 million to UpHealth Holdings in a breach of contract case related to its 2020 acquisition of Glocal Healthcare Systems. This ongoing dispute and related enforcement actions in both Indian and U.S. courts highlight the complexities of UpHealth ownership and control, particularly concerning its international subsidiaries. For more insights into the company's target market, you can refer to Target Market of UpHealth.

Key Takeaways on UpHealth Ownership

Understanding UpHealth's board structure and voting power is crucial for UpHealth investors and anyone interested in the company's direction.

• The Board of Directors plays a key role in strategic decisions.
• Executive officers and directors held approximately 29.39% of the voting shares as of January 2024.
• Voting typically follows a one-share-one-vote system.
• Legal challenges, such as the Glocal Healthcare Systems case, impact UpHealth's operations.

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In the past few years, the UpHealth company has seen significant shifts in its ownership and strategic direction. A major move was the sale of Cloudbreak Health, LLC, a wholly-owned subsidiary, to GTCR. This transaction, announced in November 2023 and finalized in March 2024, brought in $180 million in cash. The aim was to pay down debt and allow UpHealth to concentrate on its behavioral health business, TTC Healthcare, Inc.

UpHealth Holdings, Inc., a subsidiary of UpHealth, Inc., filed for Chapter 11 bankruptcy in late 2023. This led to restructuring efforts, including the potential sale of TTC Healthcare, Inc., to maximize value for stakeholders. The company's common stock was delisted from the NYSE in December 2023 and now trades over-the-counter under the symbol 'UPHL'. As of May 2025, UpHealth's market cap was approximately $0.0038 million.

Leadership changes have also occurred. Jay Jennings was appointed as the Acting Chief Executive Officer in July 2024, replacing Martin Beck. These changes, along with ongoing legal disputes like the enforcement of a $110 million arbitration award, continue to shape UpHealth's operational and ownership profile. The company is now focused on its behavioral health solutions through TTC Healthcare, Inc.

UpHealth Ownership Changes

The sale of Cloudbreak Health, LLC, in March 2024 for $180 million marked a significant shift. This move allowed UpHealth to reduce its debt and concentrate on its core behavioral health services. The company's strategic focus has evolved to prioritize its TTC Healthcare, Inc. business.

Financial Restructuring and Market Status

UpHealth Holdings, Inc. filed for Chapter 11 bankruptcy in late 2023. This led to the delisting of the company's stock from the NYSE in December 2023. As of May 2025, the market capitalization was approximately $0.0038 million, reflecting the ongoing financial challenges.

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