Rosecliff Acquisition I filed a proxy outlining its proposed merger with Spectral MD Holdings, an AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care. The deal was announced three weeks ago today. A meeting date to vote on the transaction has not yet been published.
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.
