11th Apr 2023 09:49
(Alliance News) - Spectral MD Holdings Ltd on Tuesday said it will list on New York's Nasdaq as it agreed to a business combination with special purpose acquisition company Rosecliff Acquisition Corp I.
Spectral MD shares jumped 69% to 47.44 pence each on Tuesday morning in London.
The artificial intelligence-based medical diagnostics firm said it expects to receive gross proceeds in excess of USD20 million, with the transaction valuing the firm at USD170 million, or 101 pence a share.
It expects the proposed combination to complete in the third quarter of the year, subject to shareholder approval. As part of the deal, Spectral intends to cancel its AIM listing.
"The Nasdaq listing will ensure we are well positioned to capitalize on US federal procurement contracts, our planned [Food & Drug Administration] and [Conformite Europeenne] mark submissions in 2023 and 2024, and our commercialization roadmap for burn, [diabetic foot ulcer], 3-D wound size measurement, as well as support the advancement of additional pipeline clinical applications," said Chief Executive Officer Wensheng Fan.
Rosecliff CEO Michael Murphy added: "We believe that Wensheng and his team have developed difficult-to-duplicate predictive analytics technology designed to transform treatment protocols, drive superior results for wound care management, and lower healthcare costs, all while managing a deep pipeline of additional AI-platform indications focused on delivering further benefits to consumers and value for investors."
By Tom Budszus, Alliance News reporter
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