SCHEDULE: Caledonia Reduces Stake in American Well Below 5%

Sentiment:

Beneficial Ownership Amendment (Schedule 13G/A) 14 November 2025 4:19 PM

Caledonia (Private) Investments Pty Limited and Caledonia US, LP have reduced their beneficial ownership in American Well Corp's Class A Common Stock to 4.35%.

Worse than expectedA significant institutional investor, Caledonia, has reduced its beneficial ownership in American Well Corp's Class A Common Stock to 4.35%, falling below the 5% reporting threshold. This indicates a divestment of a portion of their stake, which is generally perceived as a negative signal for the issuer.

Summary

Caledonia (Private) Investments Pty Limited and Caledonia US, LP, as reporting persons, have filed an Amendment No. 4 to Schedule 13G regarding their beneficial ownership in American Well Corp.
The filing indicates a shared voting power and shared dispositive power over 640,000 shares of American Well Corp's Class A Common Stock.
This aggregate amount represents 4.35% of the Class A Common Stock, a reduction from a previous stake that would have been above the 5% reporting threshold.
The event requiring this filing occurred on September 30, 2025, with the statement signed on November 14, 2025.
Both Caledonia entities are classified as investment advisers, with Caledonia (Private) Investments Pty Limited based in Australia and Caledonia US, LP in Delaware.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative for American Well Corp as a significant institutional investor has reduced its stake below the 5% reporting threshold, which can be interpreted as a decrease in investor confidence.

Negatives

The reduction of Caledonia's beneficial ownership in American Well Corp's Class A Common Stock from above 5% to 4.35% could be interpreted by the market as a decrease in confidence from a significant institutional investor.

Risks

The primary risk for American Well Corp is potential negative market perception or investor sentiment due to a large institutional investor reducing its stake below the 5% reporting threshold. This could lead to increased selling pressure or a re-evaluation of the company's prospects by other investors.

Future Outlook

Industry Context

Stakeholder Impact

Shareholders of American Well Corp may view the reduction in stake by a major institutional investor negatively, potentially leading to a re-evaluation of the company's investment attractiveness.

Key Dates

Date	Description
09/30/2025	Date of event which required the filing of this statement (reduction of beneficial ownership below 5%).
11/14/2025	Date the Schedule 13G Amendment No. 4 was signed by Matthew Moses, General Counsel for both Caledonia entities.

Keywords

American Well Corp, AMWL, Caledonia, Schedule 13G, Beneficial Ownership, Institutional Investor, Stock Ownership, Investment Adviser

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