- EUDA Overall health is disrupting the multi-trillion-greenback Southeast Asia health care field with its proprietary unified AI platform that would make healthcare affordable, obtainable, and customized throughout Southeast Asia— one particular of the speediest increasing health care technological know-how markets in the world
- Pro forma enterprise benefit of the merged firm is expected to be somewhere around $58 million with hard cash on hand of approximately $90 million, assuming no redemptions
Singapore, April 12, 2022 (Globe NEWSWIRE) — EUDA Health and fitness Confined, a Singapore-dependent electronic well being system that aims to make health care far more economical, available, and improve the affected person encounter by offering enhanced results by means of personalized health care, and 8i Acquisition 2 Corp. (8i) (NASDAQ: LAX), a publicly traded unique function acquisition corporation, introduced currently that they have entered into a definitive company combination settlement that will consequence in EUDA Wellness Minimal starting to be a publicly shown enterprise.
Upon the shut of the transaction, LAX will be renamed EUDA Health Limited (EUDA Health and fitness) and is envisioned to stay stated on NASDAQ under the new ticker image “EUDA”.
EUDA Overall health operates a first-of-its-type Southeast Asian health care analytics system focused to customer-centric remedies that boost entry to high-quality treatment, make improvements to patient outcomes, and lessen expenditures. The company’s ecosystem-primarily based strategy serves a whole spectrum of healthcare desires, which include wellness and avoidance, urgent treatment and emergencies, pre-present ailments, and right after treatment providers. Leveraging its close-to-end skills in health care administration, EUDA Health’s proprietary unified AI platform connects sufferers, insurers, and professional medical industry experts to the essential data to triage situations and digitally hook up with professional medical specialists for individualized cure protocols that optimize affected person outcomes and ongoing care.
EUDA Well being is poised to disrupt the multi-trillion dollar Southeast Asia healthcare market in which healthcare expenses constantly outpace GDP growth and successful accessibility to thorough care is uncertain. Southeast Asia has noticed accelerated adoption of health care IT, with utilization growing by 400% in 2020 on your own. EUDA Health aims to be an industry chief through this transition. Wherever clients when waited hrs to see a health practitioner for ten minutes, EUDA Health’s platform strives to connect client customers to health care specialists in 5 minutes on average, alleviating an overburdened technique and enhancing the affected individual expertise.
Due to the fact its founding in 2019, EUDA Health and fitness has grown immensely and is anticipated to function across five countries— Singapore, Malaysia, Vietnam, India and Indonesia— by the conclusion of 2022. Through its progressive and dynamic alternatives, EUDA Wellbeing has created a diversified profits stream and attained very clear line-of-sight into sustainable growth via both geographic growth and increased service offerings.
“EUDA Health’s mission is to make healthcare additional very affordable and accessible, although strengthening the affected individual knowledge and health care results by way of individualized healthcare,” said EUDA Overall health Founder & CEO Dr. Kelvin Chen. “Our platform makes an ecosystem that accomplishes this by in depth, conclude-to-end care. We have assembled a staff of gurus from just about every corner of the field who are passionate about reworking how people are cared for.”
James Meng Dong Tan, CEO & Director of 8i Acquisition 2 Corp., commented: “By executing this inventory order agreement with EUDA Wellness we are getting into into the long run of health care products and services. By way of its differentiated AI platform and commitment to supplying the optimum level of affected person results, EUDA Health has captivated the partnerships of internationally acknowledged blue-chip corporations. In a limited period, the management staff has designed a certainly exclusive platform and acquired a significant foothold into the Asia Pacific location. We are energized to be partnering with EUDA Wellbeing on this landmark possibility.”
The put together enterprise will have an approximated post-transaction organization benefit of $583 million, consisting of an believed fairness price of $673 million and $90 million in web cash, assuming no redemptions of 8i public stockholders. Dollars proceeds lifted will consist of 8i’s somewhere around $86.3 million of money in believe in (prior to redemptions). Further earnouts in the sort of 9 million overall shares will be awarded article-transaction close if EUDA’s share rate reaches $15, $20 and $25 over 3 decades.
Proceeds from the rely on account (assuming no redemptions) is expected to be utilized for products enhancement and other AI know-how exploration, business enterprise growth and possible strategic expense and acquisition possibilities. EUDA’s progress approach is expected to produce estimated earnings and altered EBITDA of $200 million and $43 million, respectively, in 2023.
The transaction with EUDA Wellness is a similar get together transaction. Mr. Tan, LAX’s CEO and Chairman of the Board, is a 10% shareholder of Watermark Developments Minimal (“Watermark”), the sole shareholder of EUDA Overall health. Watermark will roll 100% of its fairness into the combined company and will individual roughly 82% of the put together company’s superb common shares on a pro forma basis (assuming no redemptions) right away following the closing. EverEdge Worldwide has been engaged to render a fairness belief on the fairness of the transaction to LAX from a money issue of view.
The business enterprise mixture has been unanimously permitted by the boards of directors of both of those EUDA Health and fitness and LAX and is envisioned to near in the fourth quarter of 2022, matter to regulatory and shareholder approvals, and other client closing situations.
For a summary of the material phrases of the proposed transaction, as properly as a supplemental trader presentation, remember to see the Latest Report on Form 8-K filed by LAX with the U.S. Securities and Exchange Fee (the “SEC”). Extra data about the proposed transaction will be explained in LAX’s proxy statement relating to the organization mixture, which will be submitted with the SEC.
Loeb and Loeb LLP is performing as lawful counsel to LAX. Kaufman & Canoles, P.C. is performing as legal counsel to EUDA Wellbeing.
About EUDA Well being Minimal
EUDA Overall health Constrained, is a Singapore-centered overall health engineering organization that operates a 1st-of-its-sort Southeast Asian digital healthcare ecosystem aimed at earning healthcare reasonably priced and obtainable, and bettering the client working experience by delivering much better results via personalized health care. The company’s proprietary unified AI platform immediately assesses a patient’s clinical historical past, triages a problem, digitally connects clients with clinicians, and predicts optimal therapy outcomes. EUDA Health’s holistic technique supports people throughout all stages of treatment, like wellness & avoidance, urgent treatment & emergencies, pre-current circumstances, and aftercare companies. The corporation is expected to function in 5 countries in the course of Southeast Asia by the finish of 2022.
About 8i Acquisition 2 Corp.
8i Acquisition 2 Corp. is a British Virgin Islands company integrated in January 2021 as a blank check out enterprise for the intent of getting into into a merger, share exchange, asset acquisition, share obtain, recapitalization, reorganization or related business mixture with 1 or a lot more businesses or entities. LAX’s endeavours to determine a future focus on enterprise will not be confined to a certain marketplace or geographic region, while the Firm intends to concentration on targets located in Asia.
This press launch incorporates ahead seeking statements that require dangers and uncertainties. Ahead on the lookout statements are statements that are not historic info. These types of forward-searching statements, such as the identification of a focus on business enterprise and possible small business mixture or other such transaction, are subject to challenges and uncertainties, which could trigger true benefits to differ from the forward-hunting statements. These pitfalls and uncertainties involve, but are not constrained to, all those things explained in the portion entitled “Risk Factors” in the prospectus submitted by LAX in link with its initial community offering on November 22, 2021. Critical components, amongst some others, that may perhaps have an impact on real results or outcomes incorporate: the lack of ability to comprehensive the proposed transaction the incapacity to identify the expected benefits of the proposed transaction, which could be affected by, between other points, the volume of income available subsequent any redemptions by LAX shareholders the capability to meet up with Nasdaq’s listing standards following the consummation of the proposed transaction and prices relevant to the proposed transaction. Important components that could cause the combined company’s genuine results or results to vary materially from those people reviewed in the ahead-looking statements involve: EUDA Health’s limited operating history and background of internet losses EUDA Health’s means to handle development EUDA Health’s skill to execute its small business prepare EUDA Health’s estimates of the sizing of the markets for its solutions the rate and degree of marketplace acceptance of EUDA Health’s merchandise EUDA Health’s skill to establish and integrate acquisitions likely litigation involving the Enterprise or EUDA Wellness or the validity or enforceability of EUDA Health’s mental house standard economic and market ailments impacting need for EUDA Health’s products and solutions and companies and these other challenges and uncertainties as are talked about in the Company’s prospectus filed in connection with its initial general public presenting and the proxy assertion to be filed relating to the business blend. Other things consist of the probability that the proposed enterprise mixture does not near, together with thanks to the failure to receive essential stability holder approvals, or the failure of other closing problems.
LAX expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any ahead-seeking statements contained herein to reflect any change in LAX’s anticipations with regard thereto or any alter in events, conditions or conditions on which any statement is primarily based.
Added Data about the Transaction and Where to Find It
The proposed transaction has been permitted by the board of directors of both firms and the shareholders of EUDA Health and fitness and will be submitted to shareholders of LAX for their acceptance. In relationship with that acceptance, LAX intends to file with the SEC a proxy statement containing data about the proposed transaction and the respective companies of EUDA Wellness and LAX. LAX will mail a definitive proxy statement and other related documents to its shareholders. LAX shareholders are urged to read through the preliminary proxy assertion and any amendments thereto and the definitive proxy statement in relationship with LAX’s solicitation of proxies for the special conference to be held to approve the proposed transaction. The definitive proxy statement will be mailed to shareholders of LAX as of a report day to be set up for voting on the proposed transaction. Shareholders will also be equipped to get hold of a free of charge duplicate of the proxy assertion, as nicely as other filings that contains info about LAX, without the need of cost, at the SEC’s site (www.sec.gov) or by contacting 1-800-SEC-0330.
Members in the Solicitation
LAX and its directors and executive officers and other individuals may possibly be deemed to be participants in the solicitation of proxies from LAX’s shareholders with regard to the proposed transaction. Facts regarding LAX’s administrators and govt officers is accessible in its prospectus filed in link with its preliminary community providing on November 22, 2021. Further information and facts about the participants in the proxy solicitation relating to the proposed transaction and a description of their immediate and oblique passions will be contained in the proxy statement when it results in being obtainable.
EUDA Health and fitness and its directors and executive officers may possibly also be deemed to be individuals in the solicitation of proxies from the shareholders of LAX in link with the proposed transaction. A listing of the names of such directors and government officers and information and facts concerning their pursuits in the proposed transaction will be incorporated in the proxy assertion for the proposed transaction when offered.
For trader and media inquiries, you should get hold of:
IR: Cody Slach or Matthew Hausch
PR: Zach Kadletz or Catherine Adcock
Phone: (949) 574-3860
E-mail : [email protected]