- EUDA Well being is disrupting the multi-trillion-greenback Southeast Asia health care industry with its proprietary unified AI platform that tends to make health care very affordable, available, and customized throughout Southeast Asia— just one of the swiftest developing health care technologies marketplaces in the planet
- Pro forma enterprise benefit of the combined enterprise is expected to be about $58 million with money on hand of approximately $90 million, assuming no redemptions
Singapore, April 12, 2022 (Globe NEWSWIRE) — EUDA Wellness Minimal, a Singapore-based mostly digital health system that aims to make health care a lot more reasonably priced, accessible, and enhance the patient expertise by offering enhanced results as a result of individualized health care, and 8i Acquisition 2 Corp. (8i) (NASDAQ: LAX), a publicly traded distinctive purpose acquisition corporation, declared today that they have entered into a definitive business enterprise combination agreement that will end result in EUDA Well being Limited becoming a publicly stated business.
Upon the near of the transaction, LAX will be renamed EUDA Wellness Minimal (EUDA Health and fitness) and is predicted to keep on being outlined on NASDAQ under the new ticker image “EUDA”.
EUDA Wellness operates a initial-of-its-type Southeast Asian healthcare analytics system focused to shopper-centric alternatives that increase access to high-quality care, make improvements to client outcomes, and lessen prices. The company’s ecosystem-based mostly method serves a full spectrum of healthcare needs, like wellness and prevention, urgent care and emergencies, pre-present circumstances, and right after care products and services. Leveraging its stop-to-stop experience in healthcare management, EUDA Health’s proprietary unified AI platform connects patients, insurers, and clinical gurus to the essential information to triage problems and digitally hook up with healthcare gurus for individualized therapy protocols that enhance client outcomes and ongoing care.
EUDA Wellbeing is poised to disrupt the multi-trillion greenback Southeast Asia healthcare business where healthcare expenses frequently outpace GDP advancement and productive entry to comprehensive care is unsure. Southeast Asia has noticed accelerated adoption of health care IT, with usage increasing by 400% in 2020 by yourself. EUDA Well being aims to be an sector chief all through this transition. Wherever sufferers the moment waited hrs to see a medical doctor for 10 minutes, EUDA Health’s platform strives to link affected individual members to clinical experts in just five minutes on ordinary, alleviating an overburdened program and maximizing the affected individual working experience.
Given that its founding in 2019, EUDA Wellness has developed enormously and is envisioned to function across 5 countries— Singapore, Malaysia, Vietnam, India and Indonesia— by the close of 2022. By means of its modern and dynamic options, EUDA Health and fitness has formulated a diversified revenue stream and acquired apparent line-of-sight into sustainable progress by means of both geographic enlargement and increased services choices.
“EUDA Health’s mission is to make healthcare far more cost-effective and accessible, while increasing the affected individual expertise and health care results as a result of customized health care,” stated EUDA Well being Founder & CEO Dr. Kelvin Chen. “Our platform generates an ecosystem that accomplishes this by means of comprehensive, conclude-to-conclusion care. We have assembled a crew of specialists from every single corner of the industry who are passionate about reworking how sufferers are cared for.”
James Meng Dong Tan, CEO & Director of 8i Acquisition 2 Corp., commented: “By executing this stock order arrangement with EUDA Well being we are getting into into the potential of health care solutions. By way of its differentiated AI system and dedication to furnishing the best degree of individual outcomes, EUDA Health and fitness has captivated the partnerships of internationally identified blue-chip businesses. In a limited period of time, the management group has designed a truly exceptional system and obtained a significant foothold into the Asia Pacific region. We are fired up to be partnering with EUDA Wellbeing on this landmark chance.”
The combined firm will have an approximated write-up-transaction organization benefit of $583 million, consisting of an estimated equity price of $673 million and $90 million in internet income, assuming no redemptions of 8i public stockholders. Income proceeds lifted will consist of 8i’s approximately $86.3 million of money in rely on (before redemptions). Additional earnouts in the type of 9 million whole shares will be awarded publish-transaction close if EUDA’s share value reaches $15, $20 and $25 more than three yrs.
Proceeds from the belief account (assuming no redemptions) is predicted to be employed for product or service enhancement and other AI technological innovation analysis, business expansion and opportunity strategic expenditure and acquisition opportunities. EUDA’s expansion approach is anticipated to deliver believed profits and modified EBITDA of $200 million and $43 million, respectively, in 2023.
The transaction with EUDA Overall health is a similar party 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 equity into the mixed company and will have close to 82% of the merged company’s remarkable regular shares on a professional forma basis (assuming no redemptions) promptly just after the closing. EverEdge World wide has been engaged to render a fairness feeling on the fairness of the transaction to LAX from a money stage of perspective.
The business mixture has been unanimously approved by the boards of directors of equally EUDA Health and LAX and is expected to shut in the fourth quarter of 2022, matter to regulatory and shareholder approvals, and other shopper closing circumstances.
For a summary of the product conditions of the proposed transaction, as perfectly as a supplemental investor presentation, be sure to see the Existing Report on Type 8-K submitted by LAX with the U.S. Securities and Trade Fee (the “SEC”). Additional details about the proposed transaction will be described in LAX’s proxy assertion relating to the organization mix, 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 lawful counsel to EUDA Health and fitness.
About EUDA Health Minimal
EUDA Wellness Restricted, is a Singapore-based overall health know-how business that operates a initially-of-its-kind Southeast Asian electronic healthcare ecosystem aimed at producing healthcare affordable and obtainable, and bettering the individual knowledge by providing improved results as a result of personalised health care. The company’s proprietary unified AI system promptly assesses a patient’s clinical record, triages a ailment, digitally connects sufferers with clinicians, and predicts optimum treatment outcomes. EUDA Health’s holistic tactic supports patients all over all stages of treatment, which include wellness & avoidance, urgent care & emergencies, pre-current situations, and aftercare providers. The firm is predicted to operate in 5 nations around the world during Southeast Asia by the conclude of 2022.
About 8i Acquisition 2 Corp.
8i Acquisition 2 Corp. is a British Virgin Islands corporation incorporated in January 2021 as a blank test firm for the purpose of moving into into a merger, share trade, asset acquisition, share invest in, recapitalization, reorganization or equivalent enterprise combination with 1 or more corporations or entities. LAX’s efforts to discover a future focus on small business will not be constrained to a certain field or geographic region, although the Business intends to aim on targets positioned in Asia.
This push launch features ahead searching statements that involve dangers and uncertainties. Ahead searching statements are statements that are not historic info. This kind of ahead-hunting statements, such as the identification of a concentrate on business enterprise and likely business enterprise blend or other these transaction, are subject to hazards and uncertainties, which could trigger genuine outcomes to differ from the forward-looking statements. These pitfalls and uncertainties incorporate, but are not constrained to, people variables described in the part entitled “Risk Factors” in the prospectus filed by LAX in link with its initial community giving on November 22, 2021. Significant elements, amid other individuals, that may perhaps affect actual success or outcomes involve: the inability to total the proposed transaction the lack of ability to recognize the expected added benefits of the proposed transaction, which may well be affected by, among the other items, the sum of income accessible following any redemptions by LAX shareholders the capability to satisfy Nasdaq’s listing standards next the consummation of the proposed transaction and expenses linked to the proposed transaction. Important variables that could induce the merged company’s genuine benefits or outcomes to vary materially from all those discussed in the ahead-looking statements incorporate: EUDA Health’s minimal functioning history and background of internet losses EUDA Health’s potential to handle growth EUDA Health’s ability to execute its organization program EUDA Health’s estimates of the dimensions of the marketplaces for its merchandise the fee and degree of market acceptance of EUDA Health’s merchandise EUDA Health’s potential to identify and combine acquisitions possible litigation involving the Company or EUDA Health and fitness or the validity or enforceability of EUDA Health’s mental home basic economic and market circumstances impacting demand for EUDA Health’s solutions and services and these types of other threats and uncertainties as are reviewed in the Company’s prospectus filed in link with its original public presenting and the proxy assertion to be filed relating to the organization mix. Other things contain the probability that the proposed organization combination does not near, including due to the failure to acquire demanded protection holder approvals, or the failure of other closing disorders.
LAX expressly disclaims any obligations or undertaking to launch publicly any updates or revisions to any forward-searching statements contained herein to mirror any change in LAX’s expectations with respect thereto or any transform in occasions, situations or situations on which any assertion is primarily based.
Further Data about the Transaction and Exactly where to Obtain It
The proposed transaction has been accepted by the board of directors of each organizations and the shareholders of EUDA Wellbeing and will be submitted to shareholders of LAX for their acceptance. In link with that acceptance, LAX intends to file with the SEC a proxy statement that contains information and facts about the proposed transaction and the respective firms of EUDA Well being and LAX. LAX will mail a definitive proxy statement and other suitable files to its shareholders. LAX shareholders are urged to read through the preliminary proxy assertion and any amendments thereto and the definitive proxy assertion in relationship with LAX’s solicitation of proxies for the exclusive 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 recognized for voting on the proposed transaction. Shareholders will also be in a position to receive a free of charge copy of the proxy statement, as effectively as other filings made up of information about LAX, with out demand, at the SEC’s web page (www.sec.gov) or by calling 1-800-SEC-0330.
Participants in the Solicitation
LAX and its directors and executive officers and other folks may be deemed to be members in the solicitation of proxies from LAX’s shareholders with regard to the proposed transaction. Information and facts with regards to LAX’s directors and government officers is offered in its prospectus submitted in relationship with its preliminary public featuring on November 22, 2021. Further information pertaining to the participants in the proxy solicitation relating to the proposed transaction and a description of their immediate and indirect pursuits will be contained in the proxy assertion when it will become out there.
EUDA Health and its administrators and govt officers may perhaps also be considered to be participants in the solicitation of proxies from the shareholders of LAX in connection with the proposed transaction. A listing of the names of these types of directors and government officers and info with regards to their interests in the proposed transaction will be included in the proxy statement for the proposed transaction when readily available.
For investor and media inquiries, make sure you speak to:
IR: Cody Slach or Matthew Hausch
PR: Zach Kadletz or Catherine Adcock
Phone: (949) 574-3860
E-mail : [email protected]