Rosecliff Acquisition I in an 8-K announced its shareholders voted in favor of combining with Spectral MD Holdings, an AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care.
The vote was 6,341,342 in favor with 15,120 against.
The SPAC noted that 211,136 shares representing approximately 46.02% of the outstanding shares, were redeemed ahead of the vote. As of Sept. 6 the SPAC held about $2.6 million in trust.
Rosecliff I raised $220 million in a February 2021 IPO.
As announced in April, terms called for Spectral MD to receive in excess of $20 million (assuming no redemptions). That was to include approximately $4.5 million held in Rosecliff’s trust before redemptions and an expected private placement investment of at least $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.
