Who Owns UpHealth Company?

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Who Owns UpHealth?

Understanding UpHealth's ownership is key to grasping its strategic direction. The company's public debut via a merger with GigCapital2 on June 10, 2021, marked a significant shift in its ownership structure.

Founded in 2019, UpHealth aims to revolutionize healthcare with digital solutions. Its founders, Chirinjeev Kathuria and Mariya Pylypiv, established the company with a vision for integrated care management and telebehavioral health.

As of July 22, 2025, UpHealth's market capitalization stands at $3.79 thousand. The company's journey reflects the evolving landscape of digital health, with its UpHealth BCG Matrix offering insights into its product portfolio's market position.

UpHealth, Inc. was established in 2019 by its co-founders, Chirinjeev Kathuria and Mariya Pylypiv. Their combined vision was instrumental in shaping the company's trajectory towards creating a comprehensive digital healthcare platform.

Founding Vision

The company's inception in 2019 was driven by a clear objective: to build an integrated digital healthcare ecosystem.

Co-Founder Roles

Chirinjeev Kathuria serves as Co-Founder and Co-Chairman, bringing his extensive experience as an investor and businessperson. Mariya Pylypiv, Co-Founder and CSO, also holds the Vice-Chairwoman and Secretary positions on the board.

Strategic Development

Mariya Pylypiv has been pivotal in UpHealth's strategic growth, including spearheading successful acquisition initiatives since early 2018.

Early Ownership Details

While precise initial ownership percentages from the private phase are not public, post-business combination data offers insight. The company's Mission, Vision & Core Values of UpHealth were central to its early development.

Key Shareholder - Pylypiv

As of June 9, 2021, Mariya Pylypiv beneficially owned 6,461,644 shares of Common Stock, representing 6.3% of the total outstanding shares.

Key Shareholder - Kathuria

Chirinjeev Kathuria holds a substantial stake, owning 3,955,113 shares, which equates to 20.89% of the company's shares.

The early stages of UpHealth's funding likely involved angel investors and personal networks, though specific details regarding these initial backers and their equity stakes are not publicly disclosed. The founders' commitment to establishing a robust digital healthcare platform was the driving force behind these early efforts.

UpHealth Ownership Overview

Understanding UpHealth ownership involves looking at its founding members and their stakes post-business combination. The company's structure reflects the founders' significant influence.

• Founders: Chirinjeev Kathuria and Mariya Pylypiv
• Kathuria's Stake: 20.89% as of June 9, 2021
• Pylypiv's Stake: 6.3% as of June 9, 2021
• Early Funding: Primarily from founders and potentially angel investors
• Company Focus: Development of a comprehensive digital healthcare platform

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UpHealth's ownership trajectory shifted significantly with its public debut via a merger with GigCapital2, a SPAC, on June 10, 2021. This event valued the combined entity at approximately $1.35 billion. The company's stock now trades on the OTC Markets under 'UPHL' after its NYSE delisting in December 2023.

The ownership landscape of UpHealth Inc. reflects a transition from its initial public offering to its current status. Following the merger with GigCapital2, the company aimed to bolster its capital through a public offering in October 2021, selling 23,000,000 shares at $1.75 each, raising about $40.25 million. These funds were earmarked for working capital and corporate needs, including debt reduction related to the business combination. This evolution, marked by a substantial decrease in market capitalization to $3.79 thousand as of July 22, 2025, and a low level of institutional investment, highlights a period of strategic adjustment for UpHealth leadership.

Key Stakeholders and Ownership Breakdown

Understanding UpHealth ownership involves recognizing both institutional and individual stakes. The company's journey includes significant contributions from its founders.

• Founders Chirinjeev Kathuria and Mariya Pylypiv remain key individual shareholders.
• Institutional ownership is currently limited, with only 3 entities holding shares.
• Major institutional investors include DGFFX, DLDFX, and RSIIX.
• The company's stock trades on the OTC Markets under the symbol 'UPHL'.
• A public offering in October 2021 aimed to increase capital for corporate purposes.

The evolution of UpHealth's ownership structure is a critical aspect of its corporate history, influencing its strategic direction and operational capabilities. The company's move to public markets through a SPAC merger was a significant event, initially valuing the combined entity at $1.35 billion. However, the subsequent delisting from the NYSE in December 2023 and the current low market capitalization of $3.79 thousand as of July 22, 2025, indicate a period of considerable change. This shift has likely impacted the Growth Strategy of UpHealth, potentially concentrating focus on its core behavioral health operations. The limited institutional interest, with only 3 institutions holding 533,414 shares as of February 12, 2025, contrasts with the substantial stakes held by founders Chirinjeev Kathuria (20.89%) and Mariya Pylypiv (6.3%) as of June 9, 2021. These figures provide insight into the current UpHealth company owners and the distribution of UpHealth stock ownership breakdown.

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The current Board of Directors for UpHealth, Inc. comprises individuals with diverse backgrounds, including founders, representatives of significant shareholders, and independent members. As of July 20, 2025, the board includes Dr. Avi S. Katz (Chairman), Dr. Raluca Dinu, James Greene, Mark Guinan, Dr. Chirinjeev Kathuria, Luis Machuca, Dr. Mariya Pylypiv, and Agnès Rey-Giraud.

The voting power at UpHealth is structured on a one-share-one-vote basis for its common stock. As of December 4, 2023, there were 18,510,320 shares of common stock outstanding, each carrying voting rights for matters such as director elections. There is no publicly available information suggesting the existence of dual-class shares or special voting rights that would grant disproportionate control to any specific individuals or entities beyond their equity holdings. Recent leadership changes include the departure of CEO Martin Beck and his resignation from the Board of Directors on July 10, 2024. Jay Jennings assumed the role of Acting CEO on July 11, 2024, and the Board opted not to fill the Class I director vacancy left by Mr. Beck’s resignation at that time, reflecting ongoing company adjustments and legal proceedings.

UpHealth Governance and Ownership Structure

Understanding the UpHealth ownership structure is key to grasping its operational direction. The company's board composition and voting rights are central to its governance framework.

• The board includes founders and representatives of major shareholders.
• Voting power is based on a one-share-one-vote system.
• Recent executive changes impact the board's composition.
• Information on UpHealth ownership can be found through investor relations.
• The Marketing Strategy of UpHealth is influenced by its governance.

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Over the past few years, UpHealth's ownership has undergone significant transformations, including strategic sales and leadership changes. These shifts reflect a deliberate effort to refine the company's operational focus and financial standing.

The company's ownership structure is currently characterized by a strategic contraction, moving away from broader digital health interests towards a more focused approach on its behavioral health segment, primarily through TTC Healthcare, Inc. This realignment is a key trend shaping who owns UpHealth and its future direction.

Leadership Transition

Following Martin Beck's resignation as CEO on July 10, 2024, CFO Jay Jennings assumed the role of Acting CEO. This leadership change is central to the company's ongoing strategic adjustments.

Operational Realignment

The sale of Cloudbreak Health for $180 million on March 15, 2024, signifies a move to concentrate on core business areas. This divestiture is a major factor in the current UpHealth ownership landscape.

Market Presence Shift

UpHealth's common stock was delisted from the NYSE on December 12, 2023, and now trades on the OTC market. This transition impacts the accessibility and trading dynamics for UpHealth investors.

Legal and Financial Developments

A significant legal victory awarded UpHealth Holdings over $110 million in damages related to a breach of contract. As of February 2025, institutional ownership remains low, with only 3 institutional owners holding 2.82% of shares, indicating a concentrated ownership structure outside of major institutions. Understanding the Target Market of UpHealth is crucial in this context.

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