Cardio Diagnostics and Mana Capital Acquisition today announced a definitive business combination agreement.
The combined company is expected to have a post-transaction equity market capitalization of $175 million, assuming no redemptions. Cardio Diagnostics would have approximately $10 million in gross proceeds raised in 2022 from common stock equity investors prior to closing. Cardio Diagnostics’ cash on the balance sheet prior to closing is expected to fund operations through the end of 2023; net proceeds raised in conjunction with the transaction will be used to support the growth strategy.
Mana raised $62 million in a November 2021 IPO.
Current Cardio Diagnostics management, employees and existing shareholders agreed to roll 100% of their existing equity holdings into the mergerd enterprise. Depending on redemptions, existing Cardio Diagnostics security holders will receive between 52% and 85% of the pro forma equity as part of the transaction.
If approved, upon closing Cardio Diagnostics Holdings expects to list on the Nasdaq under a new ticker symbol, CDIO.
Cardio Diagnostics has developed a proprietary artificial intelligence-driven Integrated Genetic-Epigenetic Engine™ that enables improved diagnosis and prevention of cardiovascular disease. The company’s flagship product, Epi+Gen CHD™, sold directly to consumers, is a clinical test that assesses the 3-year risk for coronary heart disease, which is the most common type of heart disease and the major cause of heart attacks. Read more.
