Spectral AI (Nasdaq: MDAI; MDAIW) an artificial intelligence company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, announced today that it will start trading on the Nasdaq tomorrow under the ticker MDAI following the closing of its business combination with Rosecliff Acquisition I.
The SPAC’s shareholders approved the deal last week, although 46% of the remaining 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.
At deal announcement April, terms called for Spectral MD to receive in excess of $20 million (that assumed no redemptions). The consideration 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 was not subject to any minimum cash condition for closing.
Reed Smith served as a legal advisor to Spectral AI. Skadden, Arps, Slate, Meagher & Flom was legal advisor to Rosecliff. Cantor Fitzgerald and BTIG served as Spectral AI’s capital markets advisors. Read more.
