Digital Health Acquisition in an 8-K said its $8 million PIPE will not close.
Digital Health has mergers pending with VSee Lab, a telehealth software company, and iDoc Telehealth, a neurocritical care and intensive care telehealth provider.
Closing the PIPE was contingent on completion of the mergers by July 10, according to the filing. Because the SPAC did not hit the deadline, the PIPE investors were under no obligation to close the financing.
The SPAC since January has added two backstops and securites purchase agreements to support the deals.
The transactions had been expected to close in the third quarter of 2022, resulting in a valuation of approximately $110 million for the combined entity. Digital Health later secured an extension to Nov. 8. Read more.
