Diversified healthcare financing and distribution platform Bright Health Group, Inc. has revealed plans to raise about $750 million capital to finance its growth strategies. The capital is being provided by Cigna Ventures, a wholly-owned indirect subsidiary of Cigna Corporation. Also, one of the existing shareholders, New Enterprise Associate will join as a co-investor. As per the agreed terms, both the investors will buy convertible perpetual preferred stock with a purchase price of $1,000 per share. The shares will be convertible into shares of the company’s common stock at an initial conversion price of about $4.55 per share.

Source: Nasdaq