Spectral MD Holdings today announced a meerger agreement with Rosecliff Acquisition I at an estimated enterprise value of $170 million. The target is an AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care.
If approved, renamed Spectral AI would list on the Nasdaq under the symbol MDAI.
Current Spectral MD shareholders are rolling 100% of their equity into the transaction.
Terms call for Spectral MD to receive in excess of $20 million (assuming no redemptions). This includes approximately $4.5 million held in Rosecliff’s trust (again, assuming no redemptions) and an expected private placement investment of no less than $15 million. The deal is not subject to any minimum cash condition for closing.
Reed Smith is serving as a legal advisor to Spectral MD. S.P. Angel Corporate Finance is nominated adviser and broker in connection with the transaction.
Skadden, Arps, Slate, Meagher & Flom is legal advisor to Rosecliff. Read more.
