8i Acquisition 2 called a Nov. 10 meeting for shareholders to voted on the proposed business combination with Singapore-based EUDA Health.
The parties in June amended their share purchase agreement to reduce the consideration payable by the SPAC and limit the earn-out payment. 8i and EUDA Health agreed to revise the deal, resulting in a pro forma enterprise value (assuming no redemption at closing) for the combined company of $172 million. The enterprise value was $583 million at deal announcement in April.
The deal with EUDA Health is a related party transaction. Meng Dong Tan, The SPAC’s CEO and chairman, is a 10% shareholder of Watermark Developments, the sole shareholder of EUDA Health. Watermark will roll 100% of its equity into the combined company and will own approximately 82% of the combined company’s outstanding ordinary shares on a pro forma basis (assuming no redemptions) immediately after the closing.
Euda is a health technology company that operates “a first-of-its-kind Southeast Asian digital healthcare ecosystem aimed at making healthcare affordable and accessible, and improving the patient experience by delivering better outcomes through personalized healthcare,” according to a press release. Read more.
