American Well $853 million IPO and NYSE listing
Davis Polk advised American Well Corporation (“Amwell”) in connection with its initial public offering of 47,405,555 shares of Class A common stock for approximately $853 million in total gross proceeds, including 6,183,333 shares purchased pursuant to the full exercise of the underwriters’ over-allotment option. The Class A common stock is listed on the New York Stock Exchange under the symbol “AMWL.” Davis Polk also advised Amwell in connection with a concurrent sale of 5,555,555 shares of Class C common stock to Google LLC.
Amwell is a leading telehealth platform in the United States and globally, connecting and enabling providers, insurers, patients and innovators to deliver greater access to more affordable, higher quality care. Amwell believes that digital care delivery will transform healthcare. The company offers a single, comprehensive platform to support all telehealth needs from urgent to acute and post-acute care, as well as chronic care management and healthy living. With over a decade of experience, Amwell powers telehealth solutions for over 2,000 hospitals and 55 health plan partners with over 36,000 employers, covering over 80 million lives.
The Davis Polk corporate team included partner Michael Kaplan, counsel Jeffrey S. Ramsay and associates Chris Van Buren and Alexander Kraik. Partner Michael Davis advised on certain corporate matters related to the Google investment and the IPO. The executive compensation team included partner Adam Kaminsky and associate Charlotte R. Fabiani. Partner Michael Mollerus provided tax advice. Partner Pritesh P. Shah and associate Jesse L. Hallock provided intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices.