Aimfinity Investment I said it extended its deal deadline to Jan. 28, 2024 with the sponsor’s deposit of $85,000 into trust. This is the sixth extension under the current plan shareholders approved in July.
The SPAC has until until April 28 to complete a deal.
Aimfinity in October signed a $60 million merger agreement with Docter Inc., a Taiwanese non-invasive blood glucose watch developer.
Aimfinity shareholders will have approximately 51.92% equity interest in the combined company and Docter stockholders will own 48.08%, assuming no SPAC redemptions. If, however, there is a maximum redemption of Aimfinity stock resulting in a trust balance of $5 million, the Aimfinity shareholders will hold approximately 29.45%.
US Tiger Securities is serving as M&A and Capital Markets advisor and Robinson & Cole is legal advisor to Aimfinity. Winston & Strawn is legal advisor to Docter.
Since 2016, Docter, along with its subsidiary, Horn Enterprise, has been developing a non-invasive blood sugar trend monitoring technology, alleviating the necessity for blood sampling. The company operates Docter brand watches and employs Docter Cloud platform technologies to facilitate health monitoring, vascular elasticity tracking, and myocardial infarction prediction.
Aimfinity raised $70 million in an April 2022 IPO. Read more.
