SCHEDULE 13G: Funicular Funds Discloses 5.5% Stake in American Well

Funicular Funds, LP, along with Cable Car Capital, LP and Jacob Ma-Weaver, has reported a passive 5.5% beneficial ownership stake in American Well Corp's Class A Common Stock.

Summary

• Funicular Funds, LP, Cable Car Capital, LP, and Jacob Ma-Weaver collectively reported beneficial ownership of 810,551 shares of American Well Corp's Class A Common Stock.
• This represents a 5.5% stake in the company, based on 14,723,951 Class A Common Shares outstanding as reported by American Well Corp on its Form 10-Q filed November 4, 2025.
• The reporting persons have sole voting and dispositive power over all 810,551 shares.
• The filing indicates a passive investment, with the reporting persons certifying that the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The disclosure of a new 5.5% passive stake by an institutional investor is generally viewed positively as it indicates confidence in the company's value, even if the investor is not seeking active control.

Positives

• A significant institutional investor, Funicular Funds, LP, has taken a 5.5% passive stake in American Well Corp, potentially signaling confidence in the company's long-term prospects.
• The investment is passive, suggesting the investor is not seeking to influence management or corporate strategy at this time.

Negatives

• No specific negative information about American Well Corp is disclosed in this beneficial ownership filing.

Risks

• No specific risks related to American Well Corp are mentioned in this beneficial ownership filing. The filing is solely about the reporting persons' ownership.

Future Outlook

This filing does not contain any forward-looking statements or guidance from American Well Corp or the reporting persons regarding the company's future performance or strategic direction.

Management Comments

• The securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11.

Industry Context

This filing indicates a significant passive investment in American Well Corp, a company operating in the telehealth and digital health industry. Such investments by institutional funds like Funicular Funds, LP, can reflect a belief in the long-term growth potential of the sector or the specific company's position within it, without necessarily implying an active role in its management or strategy.

Comparison to Industry Standards

• Not applicable. This filing is a disclosure of beneficial ownership and does not contain performance metrics or operational results that can be compared to industry standards or specific competitors.

Stakeholder Impact

• Shareholders: The entry of a new significant institutional investor may be perceived positively, potentially boosting investor confidence and share price.
• Management: The passive nature of the investment suggests no immediate pressure or change in strategic direction from this new shareholder.

Next Steps

• The reporting persons will continue to hold their shares in American Well Corp as a passive investment.
• Any future changes in their beneficial ownership exceeding certain thresholds would require further SEC filings (e.g., Schedule 13D if they become active, or subsequent 13G amendments).

Key Dates

Recommendation

The filing indicates a new significant passive stake by an institutional investor, which is generally a positive signal of confidence in American Well Corp. However, as a Schedule 13G, it does not provide new operational or financial data to warrant a 'buy' or 'sell' recommendation. It primarily confirms a notable investor's position, suggesting a 'hold' for existing investors and a signal for potential new investors to conduct further due diligence on the company's fundamentals.

Keywords

American Well Corp, AMWL, Funicular Funds, Cable Car Capital, Jacob Ma-Weaver, Schedule 13G, beneficial ownership, Class A Common Stock, institutional investment, passive stake