Bright Health Group raised $750 million to support growth. The financing includes a strategic investment by Cigna Ventures as a new investor in the company. The company’s largest existing shareholder, New Enterprise Associates, will also participate as a co-investor.
Under the terms of the investment, Cigna and NEA will purchase $750 million of convertible perpetual preferred stock with a purchase price of $1,000 per share. The Series A Preferred carries a 5% dividend, which will be payable in kind or in cash at the Company’s election, and will be convertible into shares of the Company’s common stock at an initial conversion price of approximately $4.55 per share. Read more.
