Amwell Announces Launch of Initial Public Offering

Amwell®, a national telehealth leader, today announced that it has commenced the roadshow for its proposed initial public offering. Amwell has filed a registration statement with the Securities and Exchange Commission (“SEC”) to offer 35,000,000 shares of its Class A common stock to the public. Amwell and certain selling stockholders (the “Selling Stockholders”) intend to grant the underwriters a 30-day option to purchase up to 5,250,000 additional shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Amwell will not receive any proceeds from the sale of Class A common stock by the Selling Stockholders. The initial public offering price is expected to be between $14.00 and $16.00 per share. Amwell has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “AMWL.”

Morgan Stanley, Goldman Sachs & Co. LLC and Piper Sandler are acting as lead joint book-running managers for the proposed offering. UBS Investment Bank, Credit Suisse, Cowen and Berenberg are acting as bookrunners for the proposed offering.

The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the proposed offering  may be obtained for free from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014 or by e-mail at prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, by telephone at (866) 471-2526 or by e-mail at prospectus-ny@ny.email.gs.com; or Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by telephone at (800) 747-3924 or by e-mail at prospectus@psc.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Amwell

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.

American Well and Amwell are registered trademarks or trademarks of American Well Corporation in the United States and other countries. All other trademarks used herein are the property of their respective owners.