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Cigna Ventures and NEA invest USD750m in Bright Health Group

Cigna Ventures, the corporate venture capital partner and wholly owned indirect subsidiary of Cigna Corporation (Cigna), has participated in a USD750 million financing to support Bright Health Group, a technology-enabled fully aligned system of care, built for healthcare’s consumer retail market.

The Company’s largest existing shareholder, New Enterprise Associates (NEA), will also participate as a co-investor. 

Under the terms of the investment, Cigna and NEA will purchase, in aggregate, USD750 million of convertible perpetual preferred stock (the Series A Preferred), with a purchase price of USD1,000 per share. The Series A Preferred carries a 5.0 per cent 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 USD4.55 per share, representing a 25 per cent premium to the arithmetic average of the Company’s daily volume-weighted average price over the trailing 10 trading day period ending on 3 December, 2021.

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