American Well Corp Stock Price, News & Analysis

Amwell (NYSE: AMWL) announced a 1-for-20 reverse stock split of its Class A, B, and C common stock, effective on July 10, 2024, at 5:00 p.m. EDT. Trading on a split-adjusted basis will commence on July 11, 2024, under the same symbol, 'AMWL'.

The primary objective is to comply with the NYSE's $1.00 minimum average closing price requirement. This action will reduce the number of issued and outstanding shares across all classes by a factor of 20, without affecting the company's market capitalization.

Shareholders approved the reverse split at Amwell's annual meeting on June 18, 2024, choosing a split ratio between 1-for-10 and 1-for-20, with the final decision made by the Board on June 27, 2024. No fractional shares will be issued; instead, cash payments will be made for fractional entitlements.

The new CUSIP number for Class A shares will be 03044L 204 post-split. All outstanding options, warrants, and equity incentive plans will be adjusted accordingly. The par value remains unchanged at $0.01 per share.

Amwell (NYSE: AMWL), a leader in hybrid care enablement, announced the appointment of Ricky Goldwasser to its Board of Directors, effective June 13, 2024. Goldwasser, with a strong financial background and a successful career in healthcare investment and research, is expected to guide Amwell towards profitability and efficient cash flow. She replaces Deval Patrick, a long-time board member who played a important role in Amwell’s IPO and telehealth acceptance. CEO Ido Schoenberg highlighted Goldwasser's potential to help Amwell achieve its goals in the evolving healthcare landscape.

Amwell (NYSE: AMWL) announced that co-founder Roy Schoenberg is transitioning from his role as president and co-CEO to become Executive Vice Chairman of the Board. Ido Schoenberg will now serve as the sole CEO. Roy Schoenberg has been instrumental in the growth of Amwell, guiding the company through the COVID-19 pandemic and expanding its platform to over 100,000 active clinicians and millions of patients globally. He also spearheaded the development of the Amwell Converge platform aimed at integrating in-person and digital healthcare. The transition marks a shift from extensive R&D to a focus on operational efficiency, cash flow optimization, and profitable growth.

Amwell (NYSE: AMWL) announced that its Co-CEO and President, Roy Schoenberg, will speak at the Disability & Telehealth Conference on May 18, 2024, at 12:15 PST. The virtual conference will discuss barriers to telehealth for those with disabilities and innovative solutions for healthcare accessibility. Schoenberg will join leaders from Stanford Medicine, Stanford Health Care, Zoom, and Apple in the panel, 'Technology and Bold Solutions for Accessible Telehealth.' The session will focus on how big tech can drive innovations to meet the needs of patients with disabilities, aiming to improve health equity and accessibility. Amwell emphasizes improving access to quality healthcare through its WCAG-conformant platform, Amwell Converge™, featuring Interpreter Services and other accessibility functions.

Amwell® (NYSE: AMWL) reported financial results for the first quarter of 2024, highlighting its position as a growth healthcare company and a key player in healthcare software as a service. The earnings report can be viewed on the investor relations website. The company will host a conference call to discuss the results, providing access via webcast or phone.