8i Acquisition 2 (NASDAQ:LAX) announced this afternoon that its shareholders have approved its combination with digital health firm EUDA at a special meeting this morning.
As of November 8, the SPAC saw a total of 8,195,770 ordinary shares tendered for redemption resulting in the final redemption price of $10.0837 per share. But, holders of the company’s ordinary shares that elected to redeem may withdraw such redemption requests by no later than 5:00 p.m. on November 11.
Back in June, the SPAC amended its Share Purchase Agreement to reduce its consideration payable, and limit the available earn-out payment. Due to the global stock market’s recent decline and EUDA’s revised conservative financial projections, the parties slashed the enterprise value from $583 million to just $172 million.
As background, LAX originally entered into a share purchase agreement at deal announcement back in April 2022 with EUDA Health, Watermark Developments Limited, a British Virgin Islands business company, and Kwong Yeow Liew. At that time, the deal was struck at $583 million enterprise value and was something of an in-house deal as 8i 2 CEO and Chairman James Meng Dong Tan own a 10% stake in Watermark Developments Limited, which is itself the sole shareholder of EUDA.
Singapore-based EUDA provides AI-powered telehealth services through an app to patients across Southeast Asia.
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