Aimfinity Investment Corp. announced on Monday that it has entered into a merger agreement worth $60 million with smart medical device developer Docter. This strategic move involves the establishment of a new subsidiary of Aimfinity which will eventually become a Nasdaq-listed company upon merging with Docter.
The merger consideration will be made through the issuance of newly issued shares of the combined company, valuing each share at $10. Additionally, there is a possibility of further earnout shares being issued to Docter stockholders, contingent upon the achievement of specific sales targets in 2024 and 2025.
Docter has been at the forefront of developing a revolutionary non-invasive blood sugar trend monitoring technology since 2016. This groundbreaking innovation eliminates the need for blood sampling, making it a significant advancement in healthcare. Recently, the Taiwanese company also signed a memorandum of understanding with Harvard Medical School for the purchase of 10,000 Docter watches, which are designed to facilitate health monitoring.
Following the completion of the merger, Aimfinity shareholders will hold approximately 52% ownership in the combined company, while Docter stockholders will retain the remaining stake. However, these percentages are subject to change if existing Aimfinity shareholders choose to redeem their shares. In such a scenario, Aimfinity’s stake could decrease to 30% while Docter shareholders would hold the majority.
The merger is expected to be finalized during the first quarter of 2024.
