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Oct. 5, 2021, 9:08 a.m. EDT

UpHealth stock plunges toward record low after upsized share offering prices at deep discount

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By Tomi Kilgore

Shares of UpHealth Inc. /zigman2/quotes/213039612/composite UPH -1.34% plunged 34.5% toward a record low in active trading to pace all of the premarket decliners on Tuesday, after the Florida-based digital health company announced the pricing of its upsized equity offering at a deep discount. Trading volume swelled to 4.3 million shares ahead of the open, already more than 10 times the full-day average. The company said late Monday it raised $40.25 million as its 23.0 million-share common stock offering priced at $1.75, or 33.0% below Monday's record-low closing price of $2.61. The number of shares sold represented 19.6% of the shares outstanding as of Aug. 12. Last week, the company said it was offering 12.59 million shares. The stock had tumbled 34.3% amid a seven-day losing streak through Monday. It has plummeted 56.4% over the past three months through Monday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.03% has slipped 1.2%.

/zigman2/quotes/213039612/composite
US : U.S.: NYSE
$ 0.36
-0.0049 -1.34%
Volume: 88,852
Nov. 25, 2022 3:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$53.16 million
Rev. per Employee
$90,863
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/zigman2/quotes/210599714/realtime
US : S&P US
4,026.12
-1.14 -0.03%
Volume: 0.00
Nov. 25, 2022 2:32p
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