AimFinity Investment I in an 8-K said it amended terms of its merger agreement with Docter Inc. to adjust rights to board appointees.
The board of the combined company shall consist of five directors. AimFinity’s sponsor shall have the right to designate two directors until the second annual shareholder meeting, and the company shall have the right, but not the obligation, to designate the remaining three directors to serve until the first annual shareholder meeting.
The initial agreement would have allowed the SPAC’s sponsor to name four of the five board members.
Aimfinity in October signed the $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.
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.
