UpHealth (UPHL) has released an update.
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UpHealth, Inc. announced its agreement to sell Cloudbreak, its subsidiary, to Forest Buyer, LLC for $180 million in cash, subject to adjustments. This decision is pending approval from UpHealth’s stockholders at a special meeting scheduled for February 29, 2024. The transaction is supported by the majority holders of the company’s 2025 and 2026 convertible notes. Additionally, UpHealth has amended agreements with its note holders to support the transaction and waived certain defaults triggered by the company’s Chapter 11 proceedings. The sale is part of a strategic move expected to close by March 15, 2024, and aims to enhance shareholder value.
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