8i Acquisition 2 shareholders voted in favor of combining with EUDA Health Limited.
The SPAC in a statement said holders who redemmed their shares have until 5 p.m. Eastern Time today to reverse their decision. Based on a total of 8,195,770 ordinary shares tendered for redemption, the final redemption price is $10.0837 per share, or $82.46 million. The SPAC initially held about $86.3 million in trust.
Neither the press release nor a later 8-K filing made mention of when the deal might close, once the redemption reversal deadline expires.
The parties in June lowered the value of the deal to $172 million, down from an enterprise value of $583 million when announced 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. Read more.
