digital health Acquisition has extended its merger deadline for three months from Feb. 8 to May 8. The extension is the first of three additional three-month extensions permitted under the company's governing documents. The sponsor is obligated to deposit $350,000 into the SPAC's trust for each extension period.
Digital Health has deals in place with VSee Lab, a telehealth software company, and iDoc Telehealth, a neurocritical care and intensive care telehealth provider. The transactions had been expected to close in the third quarter of 2022, resulting in a valuation of approximately $110 million for the combined entity.
The SPAC last month disclosed it had entered a backstop agreement with its sponsor, which would purchase any remaining shares and accompanying warrants from a $2 million pipe addition available to institutional investors particpating in the main $8 million private investment. The sponsor commtted to buying all extra shares the PIPE investors do not acquire. Read more.
Source: Digital Health Acquisition Puts Another 3 Months on the Clock