Merger LAXU

8i Acquisition 2 Corp. to Combine with EUDA Health to bring a Leading Digital Health Platform Servicing Southeast Asia public

, SPAC Research

EUDA Health Limited, a Singapore-based digital health platform that aims to make healthcare more affordable, accessible, and improve the patient experience by delivering improved outcomes through personalized healthcare, and 8i Acquisition 2 Corp. (NASDAQ: LAX), announced today that they have entered into a definitive business combination agreement that will result in EUDA Health Limited becoming a publicly listed company.

EUDA Health is disrupting the multi-trillion-dollar Southeast Asia healthcare industry with its proprietary unified AI platform that makes healthcare affordable, accessible, and personalized across Southeast Asia— one of the fastest growing healthcare technology markets in the world.

The transaction anticipates a pro forma enterprise value of approximately $580 million with cash on hand of approximately $90 million, assuming no redemptions.

The combined company will have an estimated post-transaction enterprise value of $583 million, consisting of an estimated equity value of $673 million and $90 million in net cash, assuming no redemptions of 8i public stockholders. Cash proceeds raised will consist of 8i’s approximately $86.3 million of cash in trust (before redemptions). Additional earnouts in the form of 9 million total shares will be awarded post-transaction close if EUDA’s share price reaches $15, $20 and $25 over three years.

EUDA's growth strategy is expected to generate estimated revenue and adjusted EBITDA of $200 million and $43 million, respectively, in 2023.

The business combination has been unanimously approved by the boards of directors of both EUDA Health and LAX and is expected to close in the fourth quarter of 2022, subject to regulatory and shareholder approvals, and other customer closing conditions.

Loeb and Loeb is acting as legal counsel to LAX. Kaufman & Canoles is acting as legal counsel to EUDA Health.

Mr. Tan, LAX’s CEO and Chairman of the Board, is a 10% shareholder of Watermark Developments Limited, the sole shareholder of EUDA Health. Watermark will roll 100% of its equity into the combined company and will own approximately 82% of the combined company’s outstanding ordinary shares on a pro forma basis (assuming no redemptions) immediately after the closing.

EverEdge Global has been engaged to render a fairness opinion on the fairness of the transaction to LAX from a financial point of view.

Upon the close of the transaction, LAX will be renamed EUDA Health Limited (EUDA Health) and is expected to remain listed on NASDAQ under the new ticker symbol “EUDA”.

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