Amwell Files for IPO, Enters Partnership With Google Cloud
August 24 2020 - 06:47PM
Dow Jones News
By Stephen Nakrosis https://ih.advfn.com/stock-market/NASDAQ/alphabet-GOOG/stock-news/83128140/amwell-files-for-ipo-enters-partnership-with-goog
American Well Corp., also known as Amwell, filed for an initial public offering with the U.S. Securities and Exchange Commission on Monday, and also entered into a multiyear, strategic partnership with Google Cloud "to deliver transformative telehealth solutions across the global healthcare ecosystem."
Amwell said it applied to list its stock on the New York Stock Exchange under the symbol "AMWL." The company didn't indicate a proposed size for the offering, nor did it give an anticipated price range, but it provided a placeholder amount of $100 million to calculate its registration fee.
Amwell said, "Google LLC has agreed to purchase $100 million of our Class C common stock in a private placement concurrent with the consummation of this offering, with the price per share to be equal to the purchase price to the public in this offering."
Under the terms of the partnership, the companies said, Google Cloud has selected Amwell as its preferred global telehealth platform partner, while Amwell chose Google Cloud as its preferred global cloud platform partner.
The partnership will also see the companies "engage in a strategic technology collaboration to bring the best of their technologies to enrich the telehealth experience," as well as "engage in go-to-market strategy alignment and execution to expand access to virtual care delivery into their mutual customer accounts," they said.
Morgan Stanley, Goldman Sachs & Co., LLC, Piper Sandler, UBS Investment Bank, Credit Suisse and Cowen Berenberg are listed as underwriters for the IPO.
Amwell said it is a "telehealth company enabling digital delivery of care for healthcare's key stakeholders."
--Write to Stephen Nakrosis at firstname.lastname@example.org