UpHealth GigAcquisitions2 $7.25M SPAC Settlement

If you were a public stockholder of UpHealth, Inc., formerly known as GigCapital2, Inc., between April 26, 2021, and June 9, 2021, you may be eligible to claim a portion of $7,250,000 from a class action settlement.

GigAcquisitions2, LLC has agreed to pay $7,250,000 to settle a class action lawsuit for alleged breaches of fiduciary duties and unjust enrichment in connection with mergers.

Who are the class members?

The class members include all record and beneficial holders of Gig2 Common Stock who held such shares between the close of business on April 26, 2021, and June 9, 2021. These shares could be held as separate shares or as part of Public Units.

The class excludes the following people and entities:

• Redeeming Stockholders who exercised their redemption rights.
• Holders of non-public shares, including certain financial entities.
• The Company and its officers during the class period.

How much can class members get?

Class members can receive a pro rata distribution from the Net Settlement Fund. The exact amount depends on the number of eligible shares held by each class member.

The Net Settlement Fund is calculated by deducting taxes, fees, and expenses from the Settlement Amount. The remaining amount is distributed based on the number of eligible shares.

For example, if the Net Settlement Fund is $6,000,000 and there are 1,000,000 eligible shares, each share would receive $6, pro rata.

How to file a claim

Class members do not need to take any action to receive their compensation. The distribution will be made directly to the eligible class members based on the records provided by the Company.

For those holding shares through brokers, the brokers will deposit the settlement payment into the respective brokerage accounts.

$7,250,000 settlement fund

The settlement fund of $7,250,000 will cover various expenses and distributions.

• Attorney fees: Up to $1,305,000
• Administration costs: Deducted from the settlement fund
• Remaining amount: Distributed to class members

When is the UpHealth Settlement payout date?

The awards will be paid after the final approval of the settlement (October 8, 2024 ant the earliest) and resolution of any appeals.

Why is there a class action settlement?

The lawsuit alleged breaches of fiduciary duties and unjust enrichment by the defendants in connection with the mergers. The parties agreed to settle to avoid the risks and costs associated with continued litigation.

What happens next?

The court will hold a Fairness Hearing on October 8, 2024, to decide whether to approve the settlement. If approved, the settlement funds will be distributed to eligible class members.